The Brazilian international joined the Villains on loan during the transfer window in January, where he participated in seven matches, scored three times and contributed three assists.
The Villains have the option to sign the playmaker permanently this summer, but Gerrard said his team had not yet made a decision on the 29-year-old.
“When he is relaxed, he is happy and enjoys football, we all know we are dealing with a world-class talent,” Gerrard told reporters.
“For me, it doesn’t make sense to make any decisions now or say anything else about this, we just need to enjoy him and keep him healthy from now until the end of the season.”
Coutinho still has 18 months left on his contract with Barcelona, but the Catalan giant is determined to sell him during the summer transfer window.