Liverpool will reportedly sign Steven Gerrard to a two-year contract extension, a source close to situation reported on Sunday.

The 33-year-old Gerrard will continue to play for the football club with which he made his professional football debut in 1998. Gerrard collected 98 goals in 440 appearance for the Reds, making him the most prolific footballer for the ball club in all-time.

According to sources, Gerrard is expected to sign the new contract before Liverpool heads into Asia for their Far East Tour this coming week.

Considered one of the best football players at the peak of his career, Gerrard was instrumental in the Reds' two FA Cup, three League Cup, and the UEFA Champions League victory in that 13-year span. The Reds also won two UEFA Super Cup victories in 2001 and 2005.

In 2005, he won the Ballon d'Or Bronze award and was named UEFA Club Footballer of the Year.

Gerrard had one year remaining in his deal prior to extension. Gerrard's decision to continue playing with the Reds would surely offset the possible departure of Luis Suarez and the retirement of veteran Jamie Carragher.