What a signing he would be. He's definitely one of the best central midfielders in world football today and would add a lot to our boring, ineffective midfield. Him next to Emerson would be nothing short of amazing.
He would certainly be a superb acquisition, no doubt about that, the question is whether we can get him or not. I don't think he's Chelsea bound but I can definitely see Real making a bid. Having Figo didn't stop them from going for Beckham and having Ronaldo, Raul and Morientes didn't stop them from going for Owen so I don't think having Gravesen will stop them from going for Gerrard.
Our inability to compete with Real in terms of finances isn't the only problem though. Does Gerrard even want to come to Italy? Regardless, we're going to have to sell someone like Zambrotta or Trezeguet in order to get him. Buffon just signed a new contract so he'll most probably be staying and I don't think that selling Del Piero could bring in enough money.