King told the club's official website: "I think our view in our discussions with him is the same as it has been. We will continue to invest in the squad as we have done for the last couple of seasons and I think Steven understands and expects that that will continue with him as manager.
"Certainly I think that there have been improvements, albeit recent results haven't been the best, but I think the squad is a lot stronger than it was before the January transfer window and I would still think we probably need another five or six players to come in.
"It's really going to be up to Steven and Mark [Allen] to get together after today and work that out for themselves and then come back with recommendations."
Gerrard will not officially take over as manager until June 1.