The 29-year-old Kane who became England’s record scorer with his 54th international goal against Italy last week, has been at Spurs since 2009.
Tottenham have not won any silverware in that time.
“He’s got a big decision to make career-wise,” Gerrard said after England’s 2-0 win against Ukraine.
“I’ve been there myself, where you’re thinking is my team good enough to get me the medals?”
“Am I going to get out of my career what I want to get?'”
Gerrard progressed through the Liverpool youth system, making his debut in 1998.
The 42-year-old said in 2005 that he wanted to leave the Anfield club and had been linked with a move to Chelsea.
But a transfer never materialised and Gerrard remained at Liverpool until 2015, when he joined Los Angeles Galaxy.
Kane was the subject of interest from Manchester City in 2021 but ultimately nothing came off it.
Gerrard believes he now needs to think carefully about his future options.
Gerrard Further Said
“It’s different for me.
“I knew winning one trophy more with Liverpool would have meant a lot more to me than being anywhere else,” Gerrard added.
“He’s [Kane] got a big decision to make.
“I can’t give him any advice on that but I bet you every single day of his life now, moving forward, it’s going to be on his mind.”
Former Chelsea and Liverpool forward Joe Cole believes it would be “a travesty” if Kane’s career ended without any domestic success.
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“Come tomorrow, he has his Tottenham head on and he has a big decision,” Cole said on Channel 4.
“It would be a travesty if he didn’t win a trophy, as one of this country’s all-time greats.”