Gerrard, speaking at today's hastily-arranged press conference, said: "I've been really confused over the past couple of weeks and I'll admit I did actually think about the possibility of moving on for the first time in my career. But when I returned from Portugal I spoke with my family, had a good talk with Rick (Parry) and an important meeting with my agent, and I've decided to stay.
"There were a lot of things going through my head but in my heart it was impossible for me to leave. My head was thinking one thing but my heart was telling me another. In the end I followed my heart and decided to stay.
"I've got strong connections with the club and the fans. My family are all Liverpudlians through and through and that means a lot to me. I've always been one hundred per cent committed to Liverpool Football Club. I think everyone has seen that in my performances and things will be no different next season.
"I wasn't happy with the way things have gone here over the last couple of years and I had a meeting with Rick to let him know that. For me to even contemplate moving on proves how unhappy I was but my decision to stay proves that I think this club is going places and I've no doubt we have the right manager to help us do that now.
"There was a lot of media speculation about my future but I thought it would have been very disrespectful if I had come out and spoke about my club situation while I was away with England. I was totally focussed on a massive tournament and discussing my club future would not have helped me. For this reason I decided to give myself a bit more time to think about what I wanted to do and to speak with both my family and my agent. I made my decision to stay on Sunday afternoon.
"I think the club have appointed the right man for the job and he can take this club forward. The last two years have been unacceptable for a club of this size and I think in appointing Rafael Benitez, with the track record he has, is definitely one factor in why I have decided to stay. I actually met him during Euro 2004 and I'm looking forward to working with him.
"As I've said we've got a great manager in charge now. Hopefully he's going to bring in a couple of new faces. I'm very excited and looking forward to pre-season training. I'm just glad this weight is off my shoulders now because, as I've said, I have been confused for the last three or four weeks."