Back luck, Mousers!
Looks like you'll be stuck with the old war horse until he decides to leave (a bit like Terry with CFC). That isn't good news, because it means that a valuable place in your first XI is being wasted on a player who should, at best, be warming your bench for most of the season. Gerrard wouldn't slip automatically into any of the sides above you (perhaps aside from Everton), which is the major part of the problem that Roy Rodgers faces. When you have a player who is bigger than the club, the club ultimate suffers.
This news must be galling to most free-thinking red Mousers, I should imagine.