Gerrard, who will be playing his last home game before his switch to the MLS when Liverpool face Crystal Palace on Saturday, also admitted that the club has never recovered from losing striker Luis Suarez to Barcelona.
The England skipper said that he sees great potential in Daniel Sturridge despite the striker having only scored four goals in 12 Premier League appearances this season. Sturridge is currently out until October after undergoing hip surgery earlier this month to round off what has been a injury-plagued campaign for the 25-year-old.
"To get into the top four, you are going to need a striker who can score 25-30 goals a season. That is just the way it is," Gerrard said during a press conference on Thursday. "That is where we came up short this season.
"It was always going to be tough when we lost Luis Suarez [sold to Barcelona], but I thought we could definitely finish in the top four positions if we kept Daniel Sturridge fit and he could perform like he did alongside Luis.
"I don't want to stand on the owners or Brendan's toes. I am just speaking as a fan, but that is what we need to do. I wouldn't buy any more potential in the short-term. I would buy players that are ready to come and fight and win and be successful."
Saturday's came against Palace will be Gerrard's last at Anfield after 17 years with the Reds. The 34-year-old has agreed to join Major League Soccer outfit Los Angels Galaxy in July.