The 34-year-old has spent 28 years at the club, rising through the youth academy before going on to make 497 senior appearances for his side.
With his contract set to expire this year, Gerrard could play his final game for the Reds on May 30th, if his team make it to the finals of the FA Cup.
Balotelli, who finally ended his 770 minute goal-scoring drought against Tottenham Hotspur last week, posted a picture on his Instagram account encouraging his teammates to gift Gerrard with a final trophy before he departs.
His message read: “Ok ok.. Let’s try everything to get @stevengerrard to Wembley step by step. Yesssss guys! Yessss Liverpool!!! Supporters great always.. Expecially today. I can smile.”
Brendan Rodgers has now led his team into the quarter-finals of the tournament after coming back from a goal down to beat fellow Premier League outfit Crystal Palace 2-1, ensuring their progression.