Villa dropped to 19th on the Premier League table after losing 2-1 to Arsenal at the Emirates Stadium on Wednesday.
Gerrard was appointed Villa manager in November last year to replace Dean Smith, with the club 17th on the league table. The former Liverpool captain eventually led the Midlands side to a 14th place finish.
If Gerrard manages to stay on as Villa manager for this weekend, his task does not get any easier as champions and free scoring Manchester City travel to Villa Park.
The former Rangers boss acknowledges his side are in a perilous situation and need an upturn in fortunes sooner rather than later.
Asked if he had concerns about his job, Gerrard told BT Sport: "Of course I do.
"I am really honest and self-critical of myself. I will do my job the best I can, I will step forward, I will take the responsibility in the best way I can."
"But if I stood here and said to you that I was not concerned, I think you would look at me as if I was from a different planet."
There has already been one managerial casualty in the league this season after newly promoted Bournemouth pressed the panic button and sacked manager Scott Parker after just four games.
