Former Liverpool star Gerrard is the frontrunner to replace axed boss Graeme Murty, with Ibrox chiefs hoping to announce a deal soon.
But former Celtic ace Commons believes the Kop favourite should be under no illusions about the scale of the task awaiting him if he does decide quit as the Anfield outfit’s Under-18s boss and move to Glasgow.
Brendan Rodgers’ seven-in-a-row champions ran riot as they recorded a record 5-0 league thrashing of Gers on Sunday and can complete an unprecedented double treble with victory over Motherwell in the William Hill Scottish Cup final.
Commons says Rangers chairman Dave King will expect instant success but he cautioned there is no quick fix at Ibrox.
Rangers continue to experience financial difficulties but even if King could provide Gerrard with a sizeable war chest Commons is not sure that would be enough to halt Celtic’s dominance.
The former Parkhead playmaker said: “If I was Steven Gerrard looking at that squad, and baring in mind they have got five loan players to leave as well as players out of contract and guys who are currently on loan abroad to come back, I’d be thinking this is a £50million, £60million, £70million project.
“I’m talking transfer fees, wages, agents’ fees and a long-term process.
“But when you’ve got a chairman in Dave King asking for a rapid response and that he is going to provide all the funds needed to sustain and make possible that immediate success, it heaps a massive amount of pressure on Steven Gerrard.
“This is a guy who has been working with 16 and 17 year-old kids for eight months.
“I wouldn’t like to be in that position.
“I’ve worked with Brendan Rodgers. If I’d been working in youth team-level football and then someone said to me, ‘Listen, I’ll give you £60million quid, go spend it, bring in whoever you want and then go up against the potential double-Treble winners and we expect you to win a trophy’, I don’t think I’d sleep much that night.”