The Reds, one of the pre-season title favourites after finishing second last year, have fallen 13 points behind leaders Chelsea after a poor run of form throughout October and November.

Rafael Benitez's side cannot progress to the knockout phase of the Champions League either and Gerrard accepts trying to qualify for Europe's elite competition again next year must be their top priority.

Liverpool are just two points behind fourth-placed Arsenal after a morale-boosting derby win at Everton last weekend.

Gerrard told talkSPORT: "I think we have to be realistic. At the moment we're out of the title race, but we will keep trying to get back in it.

"There is still a lot of football to be played and it is possible to turn it around, but I think Chelsea are looking really strong at the moment.

"But our main target is to get back into the top four. We're coming off the back of a fantastic win at Everton and we want to continue that against Blackburn and try and go on a run of games where we can get closer to the teams above us."

Gerrard, 29, is due to make his 500th appearance for the Anfield club in Saturday's home encounter with Blackburn.

The homegrown product made his debut against the same opposition as a last-minute substitute 11 years ago.

He has since gone on to become a club legend with highlights including inspirational performances in the Champions League and FA Cup final wins of 2005 and 2006 respectively.

Gerrard added: "It means everything to me personally. I'm a local boy and my dream when I was young was always just to play one game for Liverpool. So to reach this milestone is a really proud moment for my family and myself."

The only major medal missing from Gerrard's collection after an outstanding career with Liverpool is a league title and he has no plans to rest until he achieves it.

Liverpool have not won the league since 1990.

He said: "It's been too long without a league title and because it is missing from my collection it is one that I'm most desperate for going forward."