Lampard made a serious impact on his match against his former team Chelsea and Pellegrini impressed with his contribution and fit in the squad.
Gerrard plans to play for Liverpool after the contract closes, but there are many speculation over his move with Major League Soccer teams Red Bulls and New York Cosmos.
He said: “I won’t be retiring this summer,”
“I will play beyond this season. We will have to wait and see if that’s at Liverpool or somewhere else. That’s Liverpool’s decision.”
Meantime, Manchester City boss interested to bring this veteran to see in blue, but as Gerrard said its upto Liverpool now.
Pellegrini said: “I don’t ever rate players on their age. It depends on the money they cost and the number of years they have left on their contract but, like Frank Lampard, Steven Gerrard is a top player who can continue at a high level for a number of years.”
He also added: “We could not do the loan with Falcao because we did not have the space for him in our Champions League squad. The amount of money for this loan was also too much when you had the Financial Fair Play behind you. But I don’t think we should have regrets about what we did in the summer. We did very well because we did all we could.”