The 18-year-old has forced his way into Ronald Koeman's starting XI ahead of Gareth Barry and James McCarthy of late despite a lack of top-flight experience.
And, with Davies seemingly having nailed down his spot in the squad, Gerrard believes the youngster's mentality and drive will see him go on to become one of football's greats.
“I think the one to be excited about at Everton is Tom Davies, who seems to have broken in and stayed in,” the Anfield icon told BT Sport.
“He's a terrific footballer who has scored a few exciting goals. What he has done is announce himself and basically said to a regular starter: 'I'm taking your place and I'm staying in there'.
“Those types of players are the ones that usually go on to become superstars.”
Davies has two goals in 19 league appearances this term for Everton, who sit in seventh place in the Premier League, with a trip to West Ham next up on Saturday.