The Gabon international was signed by Klopp when he was in charge at the Signal Iduna Park. Since joining the Bundesliga outfit in 2013, he has been in fine form for his side and his goalscoring tally has seen him attract interest from top clubs across Europe.
Dortmund sealed a berth in the last eight of the Champions League after Thomas Tuchel's side overcame a 1-0 first leg deficit to beat Benfica 4-0 at home. Aubameyang was the star player for his side with a hat-trick, while Christian Pulisic also got his name on the scoresheet.
"Yeah, but if he's in this type of form, he'll alert a lot of clubs not just Liverpool," Gerarrd told BT Sport, when Gary Linekar asked if he would see Aubameyang at his former club.
"He attacks the frame all the time and he gets tap-ins because of his movement,' the former England captain added."
Aubameyang has 22 goals from 22 league starts this season and his form for Dortmund has seen him emerge as a transfer target for Liverpool's league rivals Arsenal, Manchester City and Manchester United. The African forward is already open to the idea of leaving Tuchel's side in the summer transfer window with Pep Guardiola interested in signing the attacker, according to the Sun.
However, any move for Aubameyang would see the interested clubs meet Dortmund's €80m (£70.1m, $85.3m) valuation. Their sporting director Hans Joachim-Watzke earlier admitted that his side will part ways with the goal-scoring machine if the potential suitors meet their asking price.
"We can never guarantee that a player will stay with Borussia Dortmund forever, but our strength is to always find new solutions," Dortmund sporting director told Kicker TV.
"With an €80m offer, I would be thinking about [club president Reinhard] Rauball and [sporting director Michael] Zorc.
"If we had one (an offer), we would have to get together with Pierre-Emerick. We always have to differentiate between situations where there is such an offer, but we have no pressure. I would prefer it if no offer came."