Klopp is on the brink of delivering a first league title in 30 years for the Reds, and former Liverpool captain Gerrard believes that the German coach should be given a permanent honour as a result of his success, which also includes winning the Champions League last season.
He told The Athletic: "What you need to take into consideration is that when Jurgen took over Liverpool they weren't close to being the best team in the country, they weren't even in the top four.
"To come to Liverpool when he did, get to the amount of finals that he has, deliver the sixth European Cup and then deliver the first league title after 30 years...
"For me, someone like Jurgen should be rewarded now. It seems like in football we often wait until people get older before their achievements are fully recognised.
"But I know the owners of Liverpool won't let that happen. When Jurgen delivers the league they should already be starting work on a statue of him."
Liverpool require just two wins to seal the Premier League title once football restarts and Gerrard admits he will feel "relief" once they triumph, as he never claimed a league title during his playing career.
The 40-year-old Rangers manager said: "You don't want to count your chickens until it's certain but I think we all know that it's inevitable.
"For me, there will be a lot of relief. Being a fan for a lot of those years and being a player and coming ever so close, you know that this is the one that people have craved.
"This is the bread and butter of the club. I grew up watching all the successful Liverpool teams winning leagues. Unfortunately, I wasn't able to do it myself.
"I'm a fan now and I always will be until the day I go into a grave. When they get it done and they lift that trophy, it will be 100 per cent happiness for me. I can't wait for it. I'll be the proudest man on the planet."