Liverpool moved up to second place on the log, four points behind leaders Chelsea, after an impressive 3-0 win at Southampton on Saturday.
Gerrard acknowledges Liverpool are in the mix for the title now with just 10 games remaining this season, with their rivals believing they hold an advantage in having only the Premier League to focus on between now and the end of the campaign.
Gerrard insists Chelsea and Manchester City remain favorites, but accepts their lack of other distractions helps them prepare for their top-flight challenges.
"It does suit us at the moment being underdogs," said Gerrard. "What suits us as well is that we've got a lot of time to prepare.
"We've worked on this formation all week. We chose to play a diamond and I think it shocked Southampton.
"We broke, played on the counter-attack superbly well and could have got more goals."
Meanwhile, Gerrard was again full of praise for Luis Suarez as he marked his 100th Premier League appearance with another man of the match performance against Southampton.
The Uruguay international took his tally to 62 goals in 100 Premier League appearances with the opener at St Mary's and Gerrard believes Liverpool are lucky to have the 27-year-old hit-man.
"I've run out of words to describe him," Gerrard said of Suarez. "We're blessed in this country to have some really top forwards, top, top attacking players.
"But for me, without being biased, he's the best. I've said it many times, I look at Messi and Ronaldo and, yes, they're world-class players.
"But outside of that, you've got (Zlatan) Ibrahimovic and Luis Suarez who are pushing those two really close.
"Performances like this, where he hasn't scored for four or five games, but he's getting assists, he's causing so many problems.
"He's relentless. He's a winner, he's a killer and we're lucky to have him
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