Gerrard will hand over the captaincy reins at Anfield this summer when his 18-year association with the club comes to an end and he joins MLS franchise LA Galaxy.
The 34-year-old is preparing for his 33rd and final Merseyside derby clash with Everton at Goodison Park on Saturday and he is keen that the club keeps hold of two massive assets.
Henderson's deal runs out at the end of next season while Sterling is under contract until the end of the 2016-17 campaign, but Gerrard says it is vital both are tied down long term.
No worrying
"They need to sign him (Sterling) now. He knows what I want him to do, not just him but Jordan Henderson as well," Gerrard told Sky Sports pundit Jamie Redknapp in an exclusive interview.
"When I was coming through at Liverpool, every time you got near a couple of years left, your contract would be renewed. There would be no worrying or panic.
"I see Henderson with a year left, Sterling - it’s in the paper too much and there is no smoke without fire. For me the message to the club is to get these done sharpish.
"These (players) are the future of the club and I want to watch this team do well. I want to see them in cup finals, I want to see them challenging for leagues, and it is them - Sterling, Henderson, Daniel Sturridge, Coutinho who they have just signed up - who are the players who are going to deliver. It’s vital we get them done before it’s too late."
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