The duo both put pen to paper to extend their deals at their respective clubs until 2024 on Friday.

Gerrard, who confirmed his love for the Ibrox club and how Rangers was his second home, has helped transform the team since taking over after a season where Pedro Caixinha, Graeme Murty and Jimmy Nicholl were in charge.

There is a believe that he will be the natural replacement for Klopp when the pair finish their contracts at Rangers and Liverpool.

Informal talks have been held regarding Steven Gerrard taking over at Liverpool. Picture: SNS

Gerrard captained the Premier League leaders throughout his career and led them to Champions League glory.

According to The Athletic writer David Ornstein, talks have taken place regarding the next Liverpool boss.

"On the same day as Klopp’s deal was announced, Liverpool legend Steven Gerrard signed a new contract to keep him in charge of Rangers until 2024 and the parallels did not go unnoticed," he wrote.

"It is no secret that Gerrard and many at the club would like him to manage Liverpool one day and, while it may never happen, the subject is understood to have been discussed informally by all parties. Gerrard is thought to be in regular contact with Klopp and Liverpool’s leadership."

Gerrard is currently odds-on favourite to replace Klopp with Paddy Power.

'Informal talks' held over Rangers boss Steven Gerrard replacing Jurgen Klopp at Liverpool