The 20-year-old became the latest addition to Brendan Rodgers' squad at Anfield after a €10 million switch from Italian giants Inter and has made a big impact since his arrival in January.
Coutinho is yet to complete a full 90 minutes on English soil, but he has already scored once and assisted two goals in just 202 minutes of football.
"He's got moments of magical brilliance," Gerrard told reporters.
"I think you'll see the best of him next season when he gets a full pre-season under his belt and gets used to the speed of the game.
"What he has shown for 55 or 60 minutes is that he's a top player and he belongs in a Liverpool shirt. If we can get that for 90 minutes from him next season then he's going to be a great asset for us."
Left-back Jose Enrique echoed the sentiments of his skipper and believes there is even more to come from the youngster when he is fully fit.
"The numbers speak for themselves. In four games he has two assists and one goal so I hope he will continue like this scoring goal and making assists," Enrique added.
"He is the type of a player, as a big team, you have to have.
"He can create from nothing in a one versus one. He is playing really well right now and he is the type of player we need.
"Defenders are important but you need people who can score goals and we have now."