Chelsea have since added Portugese duo Tiago and Ricardo Carvahlo as well highly-rated French striker Didier Drogba for a club-record £24m fee to their expensively-assembled squad, but Gerrard is delighted to be leading the line for Rafael Benitez on Merseyside.
Gerrard said: "I made the right decision to stay with Liverpool, of course I did. There wasn't just one single reason for staying, there were actually quite a few.
"It was a combination of my family, of having been here at Liverpool all my life, of being the captain of the team and of leading them.
"My family were telling me about the fans and what the reaction was even when I was still away with England at Euro 2004. I'm aware of how much it means to them.
"I don't mean that in a big-headed way, but I just realised the importance of it and it was the fans who helped persuade me to stay as well.
"Obviously it was such a serious decision to make that it affected me.
But I've made the decision and I know it's the right one.
"When I was a kid the only dream I ever had was of wearing the captain's armband with Liverpool and of going up to pick up a trophy. That's all I want to do now.
"I'm just looking forward now, and I want my future to be with Liverpool. That is why I am staying.
"It is the club I supported as a boy and the only thing on my mind is to lift trophies with them. I want to stand on the podium and hold trophies aloft as Liverpool captain. And I really hope it's going to be this season."