The long-standing Reds skipper, 34, is out of contract at Anfield in the summer but manager Brendan Rodgers revealed recently that negotiations over an extension are taking place.
Pellegrini snapped up 36-year-old Frank Lampard on a six-month loan from New York City FC in August, and the Chilean says that he is not adverse to taking on another veteran midfielder.
"I don't ever rate players on their age," Pellegrini told The Telegraph. "It depends on the money they cost and the number of years they can play for.
"Like Frank Lampard, Steven Gerrard is a top player and he can continue at a high level for a couple more years."
Gerrard made his Liverpool debut as an 18-year-old back in 1998 and has since made close to 700 appearances for the Merseyside giants.