The Liverpool legend noted he doesn't possess a "magic wand" as he tries to bridge the gap to Celtic with the Parkhead side on the verge of their eighth consecutive title.
Rangers chairman Dave King made the proclamation that the club are close to becoming the “dominant force in Scottish football again” in his address to supporters for the announcement of season ticket prices for the 2019/20 campaign.
To do so, the team needs further investment, according to Gerrard.
He said: "I respect and welcome the chairman's opinion, we recently had an open and honest conversation and I look forward to catching up with him face-to-face shortly.
"I'm not a guy with a magic wand, everyone knows we will need backing. There has been progress made in a lot of areas which I am happy with and I have also made it clear where we need to improve in the eleven moving forward."