The former Liverpool captain has been in the spotlight of conversation since Rangers dismissed Russell Martin on Sunday, while the ex-coach is set to talk about a potential return with the club's owners.
The decision-makers at Ibrox announced that a "comprehensive, considered hiring procedure" is currently underway.
Other candidates will be considered, but if the former Anfield and Three Lions captain is open to a return spell at the club, could the position as good as his?
The 45-year-old manager lately spoken about “unfinished business” in coaching and revealed he has started approaching prospective members for his coaching team.
In a latest audio discussion with Rio Ferdinand, appearing to be recorded before Martin's short tenure ended, Gerrard stated he wanted “to be at a team that's set to challenge to win because I believe that fits me better”.
He added: “If the right call comes my way, the right club, the right challenge, and I've got my people set, which I will have at a future date, I'll take that challenge on because it's part of my nature.”
After gaining experience as a youth development coach at Anfield, Gerrard took on his maiden coaching role in the summer of 2018.
Over three complete campaigns at Ibrox, he won just one trophy – however it was a big one.
Following placements of 13 and nine points after their rivals in his first two seasons, Gerrard led Rangers to their first top-flight championship in a decade, which coincidentally deny their Glasgow rivals an historic tenth consecutive win.
And he did it in style, with his team undefeated in the process.
Rangers triumphed in all of their domestic games, netted 92 goals and conceded a only 13.
The downside was that it occurred amid of Covid and empty stadiums.
It continues to be Rangers' sole title success since the 2010-11 season.
In sharp difference to Martin's unhappy spell, Gerrard started strongly at Rangers, remaining 12 games without defeat until his initial trip to Parkhead.
In his first campaign the derby results were even, each side securing two home victories, with Rangers having last beaten Celtic in 2012.
Two losses to Celtic came in the next shortened season, after which Rangers winning in the eastern part of Glasgow for the first time since 2010.
From then on, Gerrard stayed unbeaten in Old Firm clashes, claiming five more and drawing once.
Rangers progressed through four rounds of qualifying to reach the main phase of the European competition in Gerrard's first season.
In the 2019-20 campaign, they advanced to the elimination stage of the same tournament, being eliminated to the German side in the round of 16, with their journey ending at the same stage the next year.
The Birmingham club came calling in late 2021, paying ÂŁ4.5m in fees.
He left Rangers with a lead clear of Celtic at the top of the standings – but their local opponents would recover to prevail by the identical gap.
The lure of the Premier League is powerful and it could have been viewed as the natural progression on a fairytale comeback to Liverpool at a point when his managerial stock was at its peak.
“Steven and his coaching team have made sure that the team is clearly in a stronger position today than it was three-and-a-half years ago,” said at the time Rangers sporting director Ross Wilson.
“We have had a goal to move Rangers forward, to modernise our infrastructure and to make the club win again.”
Gerrard did not last a year at Aston Villa.
Inconsistent results yielded a mid-table finish at the conclusion of the 2021-22 campaign before a 3-0 loss at Craven Cottage placed them in 17th in October 2022 when he was sacked.
Across 2022, he won just eight of his 31 games, suffering defeat in 15.
He transferred to Saudi Arabia in summer 2023 when he took over at the Saudi club.
His latest job continued for a year and a half and he moved on with the club sitting 12th in the Saudi league, just five points above the relegation zone.
“Overall, I have learned a lot, and it's been a beneficial experience personally and for my family,” he remarked in late January. “But soccer is uncertain, and at times things don't go the way we want.”
These post-Ibrox exploits could cause some hesitation and the individual might harbor doubts over inheriting a struggling squad, but Gerrard likely has the character to handle such a prominent post.
He is the only Rangers boss to have lifted the league trophy since the legendary Walter Smith. That achievement might well be difficult to overlook for an under-pressure Ibrox board.
A tech enthusiast and business strategist with over a decade of experience in digital transformation and startup consulting.