Currently cutting his teeth as a manager in Scotland with Rangers, Gerrard will briefly return to the club he played over 500 games for.
The Reds have named a strong 14-man side for the Legends match with Gerrard joined by the likes of Jerzy Dudek, Luis Garcia, Dirk Kuyt and Jamie Carragher.
Having hung up his boots in 2016, the former Liverpool captain is excited to grace the pitch again but admits he'll be a little conflicted taking on the club he's managing.
“I always look forward to a game of football,” Gerrard said.
“I’m going to play for Liverpool and who knows, there might be a little cameo in a blue shirt as well, we’ll have to see.”
Gerrard has impressed since making the switch to management and guided Rangers to second in the Scottish Premiership last season.
His second campaign in charge has started even better with the club currently top of the league with reigning champions Celtic trailing by two points after eight matches.
Former Liverpool keeper Dudek, who will play alongside Gerrard on Saturday, has backed the former midfielder as the only man to replace Jurgen Klopp at Anfield once the German departs.
"When I was in Liverpool recently no-one kept a secret of the fact that Steven is the main and only candidate for replacing the German when his era at Anfield comes to an end," Dudek wrote in a column for Przeglad Sportowy.
"Everyone knows that sooner or later, the great captain will return.
"I was surprised that Steven started working as a manager so quickly. Most of my teammates or players from around the world need time before they eventually return to football.
"There are many reasons for success. Steven has a nose for players, copes with difficult conditions and is still learning.He also surrounds himself with the right people. He can count on the help of Gary McAllister, who is his assistant and who was in some way his football mentor, because he introduced him to Liverpool. They're a great duo.
"Stevie also has the opportunity to use the wisdom of Jurgen Klopp, which will probably be very useful in his career."