It was revealed on Sunday evening that the legendary former captain earned top spot in the ranking, which was determined by a player's ability, impact, legacy and success during their time at Anfield.
Around 1.4 million votes were collected from supporters, ex-Reds, journalists and a club panel, along with the crunching of 134 years' worth of statistics, resulting in Gerrard taking first place.
"I feel very flattered and honoured," the Scouser told Liverpoolfc.com. "I think people have maybe recency bias, is it called, where I've played in the recent generations, if you like.
"But there've been some incredible players before me and after me, so [I'm] extremely flattered and humble. Thank you."
Gerrard added: "We've had unbelievable players, teams. I think sometimes, and I do it more now since I've retired, you sit back and realise who you've played for, how lucky we are to be part of this club and family and stuff.
"I appreciate it even more now than when I played.
"I mean, wow… I didn't expect that, by the way. I didn't expect that."
A boyhood Liverpool fan, Gerrard rose through the club's youth system to enjoy a 17-year career in the senior team.
He is one of just three players to reach 700 appearances for the Reds and currently occupies sixth spot on the all-time scorers list with 186 goals.
His world-class talent helped the Liverpool teams he played in lift eight major honours, with the standout, of course, being the Champions League in 2005.