Ibrox chiefs are said to have held talks with the 37-year-old about replacing Graeme Murty this summer.
A high profile name throughout football in Britain, if not the wider world, this is news which has permeated discussion throughout the country.
Liverpool fans have also been monitoring events closely as they wonder what their former captain, and current under-18s coach, will decide to do.
Many of them have had their say on the situation. And not all of it is positive. In fact, it’s mostly negative. Here are what they said...
Frankly, Mr Shankly: “I think he’s got a lot more to offer the youth setup here and I still believe a couple more years under Klopp’s tutelage will make him even better than if he went off and managed in the SPL.”
7-King Kenny-7: “Goes to Rangers and he hampers his chances of ever taking over from Klopp IMO. Could be very damaging going there, especially when it’s so heavily dominated by Celtic.”
Fields of anny rd: “I really think he should hold fire on this one. Celtic was a good club for Brendan with winning the title a guarantee giving him the conditions where he could mold his team to his vision. Rangers seems a bad choice for Stevie. They’ll be desperately scrapping for points from the beginning and there will be unrealistic pressure to challenge Celtic from the media and their fans.”
Samie: “He should go be an assistant at Celtic if he wants to move up to Scotland.”
PhaseOfPlay: “If he does the job and wins the SPFL, he’ll be a legend. But the odds are that Celtic will carry on, as will Aberdeen, and Hibs are getting stronger, so if he fails in a 3-way battle for 2nd place, he’ll never lose the stain of it - just like Neville is now stained with his Valencia failure.”
FATKOPITE10: “Rangers is a great club but badly run and with the lack of stability behind the scenes he would be on a hiding to nothing.”
Gamble: “Don’t do it, such a toxic role. You’re either a hero or a joke at those Glasgow clubs. Rodgers and Celtic are in such a stronger position and it’s way too big a role for a rookie like Gerrard.”
LallanaInPyjamas: “What people are also missing is that... he would experience being in charge of a huge club with a huge fanbase & stadia. That’s surely much better preparation for his ambitions with us than being tucked away at a lower league club, where the experience just isn’t as translatable.”