A formality was transformed into an epic here last night. In the space of six minutes at the beginning of the second half Milan's 3-0 lead perished in the blaze of an amazing Liverpool recovery. It was as if Andy Pandy had suddenly been twisted into the Godfather.

Child's play was how most people saw a first half in which Kaka, Paolo Maldini and Hernan Crespo weaved Milan into a three-goal lead.

The Italians appeared to be on the verge of greatness as defined by Alex Ferguson - winning the European Cup twice with the same personnel - but they stuttered when it looked theirs for the taking.

After the penalty shoot-out victory, Liverpool captain Steven Gerrard hinted he would be staying with an Anfield. The England midfielder's Liverpool future has been in doubt - with Chelsea and Real Madrid reportedly interested in signing him.

But after last night's success in Istanbul Gerrard said: "I'll be having talks very shortly - and it's looking good."

Gerrard admitted he thought the game was beyond Liverpool at half-time. But he gave credit to boss Rafael Benitez for reminding the players the match was far from over. "Credit to this man," said Gerrard, with Benitez by his side. "He never let us get our heads down.

Paying tribute to the masses of supporters who followed Liverpool to Istanbul, he added: "These fans have saved up for months to come here. After the Carling Cup final a few people questioned my commitment but I'm just happy I can do this for the fans, the chairman and this football club."

Defender Jamie Carragher said: "It's unbelievable. This must be one of the greatest of all time. I've never seen a final like that in my life."

Like Gerrard, Carragher admitted he felt down and out at half-time. "We were all deflated," he said, before revealing how Liverpool felt confident after Gerrard pulled the first goal back.

"We got the first one and they seemed to 'go'. I'm just delighted."

Centre back Sami Hyypia thought goalkeeper Jerzy Dudek deserved the plaudits for the victory, making a superb double save from Andriy Shevchenko in extra-time and then producing the goods in the shoot-out.

"The magnificent save from Jerzy, then the penalty shoot-out, he's the hero," he said. "It unbelievable, back in the first they went 3-0 up and many thought the game was over, we decided to give it a go and we did it. It was great to comeback, as long as we got the first goal we had a chance."

Benitez, whose greatest triumph has come in his first year as Liverpool manager, after leaving Valencia last summer, was as buoyant as his players.

"At half-time I had to change things and hope things would be different - we scored and they were," he said. "We lost Harry Kewell and other players had cramp. It was very difficult but the players believe and we won.

"Fantastic. After losing 3-0 (at half-time), losing players and with injury problems at the end, it's fantastic. If the players believe, you can do it."

Like Gerrard's compliment for his manager, Benitez had praise for his captain, particularly with regards to the goal which gave Liverpool a whiff of a chance. "It's good for us," Benitez said. "When the captain scores all the team play the same. It's been a really good match. a good game."

For Dudek, his performance has redeemed a player who has been cast as a scapegoat. "I was waiting for this moment," he said. "I had difficult moments in this game but this is fantastic."

Asked about his brilliant double save from Shevchenko, which kept the scores locked at 3-3 going into the closing minutes of extra-time, Dudek added: "I don't know how I did it. It was fortunate for myself that I did it. Fantastic for me."

And Dudek revealed Bruce Grobbelaar's antics in the 1984 final, where his wobbly-legged dance confused Roma's penalty takers, had been an inspiration for the shoot-out.

"Of course I watched it. That was my inspiration."

AC Milan coach Carlo Ancelotti blamed "six minutes of madness" for his team's defeat. "We had six minutes of madness in which we threw away the position we had reached until then," Ancelotti said.

"The match was well contested - we had six minutes of madness. It's inexplicable because the team played well for all 120 minutes. That's the way it went and we must go forward. We recognise it, we are displeased and disappointed.

"Now we must play our last match of the season and then we will start thinking about next season."

The defeat ends a miserable few days for Milan who last Friday conceded their Serie A title to Juventus.