"I am all for there being a rule change," Gerrard told a news conference.
"Something has got to happen otherwise there will be more and more foreigners and they will take over."
Introducing quotas would take the Premier League into a legal minefield however, as under EU law footballers, like every profession or trade, have unrestricted access to work in member countries.
Gerrard, who was preparing for Friday's friendly against Austria before England's final Euro 2008 qualifier against Croatia next Wednesday, is still in favour of imposing restrictions.
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"I think there is a risk of too many foreign players coming over which will affect our national team eventually, if it is not doing it now."
Steven Gerrard,
Liverpool captain |
"I am sure the quotas idea won't do any harm," the Liverpool midfielder said.
"I am sure it will help the national team. We want as many homegrown players playing in that league as possible.
"As an England player, we want top players involved in the squad and I am sure the quotas will help," Gerrard added.
"I think there is a risk of too many foreign players coming over which will affect our national team eventually, if it is not doing it now.
"It is pointless having the best league in the world if our national team is going to suffer in the long run."
England could miss Euro finals
England are in danger of missing out on a place in next year's European Championship finals which will be co-hosted in Austria and Switzerland.
Although they are currently second in Group E behind Croatia, England will be overtaken if Russia win their last two games against Israel and Andorra.
Croatia will secure the other qualifying spot if they get at least a draw against Macedonia on Saturday.
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"We must protect our identity by having a limited number of English players."
Steve Coppell,
Reading manager |
"There is a concern that this talent will stop coming through if foreigners do take over our league," Gerrard said.
"We are proud to say we have one of the best leagues in the world.
"The most important thing is we have one of the best national teams as well and that will only happen if we keep producing good young talent like we have done over the years."
Coppell described the current structure of English football as "a recipe for non-success at international level".
"We're the English Premier League, yet the majority of the teams at the top of the Premiership have very few English players," Coppell told BBC Five Live after Reading's 3-1 loss against Arsenal, who had no English players in their starting line-up.
"We must protect our identity by having a limited number of English players."