Coutinho had been the subject of rumoured moves to the Nou Camp this summer Yesterday, reports indicated that both clubs had agreed a £108.8m fee for the 25-year-old playmaker, a development which the bosses at Liverpool denied.
Liverpool have also insisted their talisman is not for sale at any price.
But Gerrard, who played for the Reds between 1998 and 2015, believed that the move will only happen if Coutinho decides to force a move, like fellow South Americans Javier Mascherano and Luis Suarez did during his time at the club.
“Especially South American players who always go on record saying it’s a dream of theirs to play for Barcelona,” Gerrard said while working as a pundit on BT Sport’s broadcast of the UEFA Super Cup.
“I’ve experienced it before as a player and a fan with (Javier) Mascherano, with (Luis) Suarez and it’s a very, very difficult situation for a club to be in.
“The good thing from the Liverpool fans’ point of view is the manager (Jurgen Klopp) is desperate to keep hold of him and is trying to keep hold of him.
“The board want him to stay, this is not a situation where Liverpool need money or to cash in.
“We’re not a selling club so they’re gonna do everything in their power for him to stay but at the end of the day it comes down to Philippe Coutinho and his decision, what he’s prepared to do, what type of war he’s prepared to create to get out because Liverpool won’t make it easy for him.”