The Scottish champions’ manager is understood to be high in the thoughts of Aston Villa to replace Dean Smith who was sacked as manager on Sunday after five consecutive defeats.
Bookmakers have the former Liverpool captain odds-on favourite to make the move and managing director Christian Purlow, who worked with Gerrard during his playing days at Anfield, is reportedly ready to make a formal approach to Rangers to speak to the boss about the job.
However the potential opportunity has split opinion and former England and Liverpool midfielder McManaman has joined Merseyside team-mate Danny Murphy and Rangers legend Ally McCoist in cautioning against a move.
"If it was Steven going to that club I would just say ‘No!’, McManaman said. “The way that they’ve treated their manager, does that mean if Steven loses five on the bounce is he going to get canned as well? And it’s just accepted?! Absolutely not.
“The main thing is to be happy, to have a relationship with your owner, trust each other – and trust each other when things are going a little bit south rather than when everything is going great.”
Gerrard previously dismissed “silly questions” linking him with Newcastle, insisting he was settled at Ibrox but links to another English top-flight job have re-surfaced for the manager who is widely thought to have the long-term ambition of taking over at Liverpool.
Simon Jordan believes a move is needed between Ibrox and his long-term goal on Merseyside but Ally McCoist has warned taking the job could risk that future ambition, and McManaman urged caution following Smith’s ‘diabolical’ dismissal.
He told horseracing.net: “The way Aston Villa have treated Dean Smith is absolutely atrocious. They were 15th in the Championship. He’s taken them to where they are now and they’ve lost their best player in Jack Grealish. Yes they’ve had a couple of bad results, five on the bounce and they’ve just cast him aside. The way he’s been treated is diabolical.
"It’s just considered ‘the norm’ and ‘acceptable’. He’s not been given the chance to get himself out of it. You win 20 on the bounce - it’s great. Lose five on the bounce - you lose your job. It’s just awful.”