The Ibrox side go into Sunday's final Old Firm of the campaign 20 points clear of bitter rivals Celtic, but will be limited to just the one trophy in 2020/21 after being dumped out of the Scottish Cup on penalties by St. Johnstone last weekend.
Reflecting on that upset, Nicholas claimed that Gerrard will have been left fuming with the result, as well as suggesting that key duo Ryan Kent and Alfredo Morelos have under-performed for much of the season.
Speaking to the Daily Record, the pundit said: "Gerrard will be scratching his head. His team eased to the title, but he still faces a massive job.
"His best players are defenders and the goalkeeper.
"Ryan Kent hasn't had a good season and neither has Alfredo Morelos.
"But winning the league crown helped hide many of their faults.
"Gerrard will be furious his team bombed again [in the Scottish Cup], leaving that lovely question mark beside them."
Kent has registered 12 goals and 13 assists in all competitions this season, while Alfredo Morelos has hit 16 goals and 12 assists.
In the Scottish Premiership alone, Morelos and Kent have been responsible for 19 of the Gers’ 81 goals – equivalent to 23.4% – with Gerrard’s men recording eight strikes more than their nearest rivals, Celtic.
Kent has already surpassed his tally of eight goals from last season, but Morelos looks set to fall some way short of the 29 he hit in all competitions.