The Reds captain has one year left on his current deal but, after retiring from international football on Monday, reports suggest that the midfielder will renew until 2016Liverpool manager Brendan Rodgers expects the club to tie up a new deal for captain Steven Gerrard.
The midfielder is set to enter the last season of his present deal but reports suggest that he could pen an extension until 2016.
Gerrard retired from international duty with England on Monday and Rodgers reiterated his belief that the 34-year-old will extend his domestic career as a result.
"I am very happy that Steven is now going to commit to Liverpool and I am sure that [his contract] is something that we will look at," he told the press.
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"Listen, for his own mind, I'm sure he will want it sorted out, absolutely. You never want to leave players with not too long to go on their contract.
"A lot has gone on at the club over the course of the summer. It is something I am sure will get sorted.
"I know he can continue to play beyond this season. I have always said that. Now he doesn't have international football, he will have that freshness."
Rodgers also added that there is no update on the future of goalkeeper Pepe Reina, who spent last term on loan at Serie A side Napoli.
"He's back in training. Pepe made it clear last year where he is at," he added. "He is working well and there has been no real conversation as yet. He is just working hard to get fit and we will see what happens over the next few weeks."