Gerrard, whose future has been drawn into the spotlight even more after he was rested against Stoke at the weekend, nipped in to give the Anfield club a 2-1 lead and turn the match totally in their favour after an early own goal from Simon Mignolet had put the Foxes in front.
Liverpool boss Brendan Rodgers confirmed earlier this week that a new deal is on the table for Gerrard and the ball is in his skipper's court.
When asked about that, Gerrard told BT Sport 1: "I'll decide when I'm ready. There's nothing to say on the contract at the moment. When there is, the fans have known me long enough, I'll come out and say what I need to say."
Gerrard was at pains to avoid any further talk relating to his future and stressed that the focus should be on what was a fine team performance, which saw Adam Lallana and Jordan Henderson netting Liverpool's other goals.
He pointed out that since their dogged Champions League draw at Ludogorets last week the signs are there that the Reds are returning to form.
"I think the last three performances have been superb," he added.
"We need to keep trying to improve on that. The reason I don't want to answer your question tonight is because it's not about me it's about a great team performance and a great three points."
Gerrard's night could have been even better as midway through the second half he had a big penalty appeal turned down by referee Lee Mason when he appeared to be knocked down by Leicester keeper Kasper Schmeichel.
The former England captain insisted afterwards that it was a blatant spot-kick.
"Well, I've spoken to Lee Mason and told him what I think about it, so the referee knows," he added.
"But the problem he's got then is he's got to give the keeper a red card so I suppose that's the reason why he hasn't given it. But it's a blatant penalty."
Rodgers was full of praise for his skipper's display afterwards, agreeing with his view on the penalty and he also explained further the reasons why he did not feature at the weekend.
"He was outstanding tonight, should have had a penalty, took his goal really well and overall you've seen the energy and the freshness in his legs," he said.
"For Stevie now it's about the level of the games that he's playing and not so much the number of games so I just felt that for the weekend I knew that this was going to be a really tough game tonight and we'd have to put a lot in the game."
When asked about Gerrard's contract, Rodgers highlighted that the main sticking point will not be wages as the 34-year-old enters the final years of his career.
"I think it's about a life decision as well. He'll be offered a contract by the club and obviously it will be a good offer. But for Steven it won't be about money," he said.
"He and I have spoke on that. He's got so much love and passion for Liverpool that the money is irrelevant.
"For anyone salary is important, but for Steven it's not the big decision. For him, who's had 16 incredible years here, it's where it can be mapped out in the last couple of years of his career."
While Rodgers was left to eulogise over his skipper and Liverpool's stirring fightback, his opposite number Nigel Pearson was pleased with the qualities shown by his Leicester players in defeat.
The former Hull boss felt they caused the Reds problems throughout, even after they went down to 10 men, and he was livid when he heard a supporter failing to acknowledge that in the crowd.
"I had a bit of a spat with a fan towards the end, and I really do not like it when people want to get negative. I don't know what they're looking at, at times," he said.
"If they can't see that the players are representing their club are not having a proper go for them then maybe they ought to think about staying at home.
"We need the support of our fans because it's hard to get into this division and we've been 10 years outside of the top flight and we're finding it tough at the moment, but I don't think you can argue our players are giving 100 per cent every time they take to the field.
"I will always try to look for the positives."