Ryan Babel, Fernando Torres, Andrei Voronin and Yossi Benayoun have all arrived at Anfield this summer and the England star is convinced that the Reds are now ready to match Manchester United and Chelsea.
"I've watched what the other teams are doing in the market and they're all strengthening, but all those teams will be looking at us and thinking we are going to be all over them this season," Gerrard told the LFC Magazine.
"I'm not going to start making any unnecessary predictions about what's going to happen this season and the last thing any of us need to do is build hopes up too much.
"But without doubt, if we all perform to our level each week, we have the players to push United and Chelsea all the way.
"We are looking in great shape, not only going into this season but for the next few years.
"I thought going away for the summer that we were three or four players away from where we need to be.
"Now I think we are in a great place to challenge United and Chelsea and I hope if we get things right from the beginning we can beat them to the big prizes this year.
"I've liked the way we've done business this summer. Previous years have shown how important it is to sort everything early in the pre-season, as it's not easy for players if they arrive just before the deadline.
"Hopefully with everyone having had the right amount of rest this summer we'll be able to hit the ground running when the Premiership begins. People say you can't win the league in August but I believe you can certainly lose it in the first month.
"It's fine saying it's a nine-month season and there is plenty of time to recover from a shaky start but it's hard playing catch-up week-in, week-out.
"The last thing you want to do is give teams like Manchester United and Chelsea a head start, making things even more difficult for you than they are already."
Gerrard feels he has benefited from a summer away from football this year.
"I missed a bit of the last pre-season because of the World Cup. I came back and felt I needed more holiday," he said.
"I was mentally and physically drained at the start of the season but this time I feel I've had a break and we will go into the season brimming with confidence."