As reported by Paul Joyce of The Times, the decision to award the former Liverpool skipper with the accolade is expected to be made on Wednesday, after the city’s mayor, Joe Anderson, put forward the 36-year-old.
"Liverpool is my home city and so to be acknowledged in this way leaves me speechless," Gerrard said, per the report.
Per the Reds' official website, Anderson outlined the reasons why Gerrard is set to receive what is considered to be the highest civic honour:
[…] I’m sure everyone will agree he is a fantastic ambassador for the city and his charity work has made a huge difference to thousands of young people, particularly disadvantaged children in Liverpool
Steven is an inspirational figure for young and old alike and I'm delighted to be able to recommend to council that we make this award for everything he has given to our city.
The iconic midfielder called time on his playing days in November having left Los Angeles Galaxy, although he will primarily be remembered for his appearances in a red shirt.
Gerrard played 710 times for Liverpool in total, winning nine major honours during his spell at the club. His most famous triumph came in 2005, when he inspired the Reds to glory against AC Milan in the UEFA Champions League final, with the team having trailed 3-0 at half-time.
Aside from his many starring performances on the field, the former England international is involved in numerous admirable causes, including his own charity, the Steven Gerrard Foundation. In 2013, he also donated £500,000 to the Alder Hey Children's Hospital in Liverpool to help build a garden onsite.
According to Joyce, Liverpool are set to bring Gerrard back to the club as a coach in the coming weeks.