The Colombian will miss the next four games after being sent off for elbowing Scott Brown in the Old Firm derby on Sunday.
Morleos issued a statement apologising for his actions on Thursday night, vowing to “do everything in my power to ensure that nothing like that happens again and to give the club and the fans my all”.
It was his fifth red card this season, and it tested the patience of the Rangers fans, as well as Gerrard who lambasted his player but ensured he would “continue to support” him.
“Alfredo trained yesterday,” he said, “there is no issue he has showed remorse and accepted the punishment I have given. We spoke to his representation as well and everyone is on the same page.
“Now it is just a decision for the club to decide where the fine goes to but Alfredo has accepted, shown remorse and apologised.
We draw a line under it. We wait now for him to return to help us.
“I’ll continue to support and help Alfredo, he still has a lot to offer this football club but at the weekend I had to be firm and stamp down on it.
“I had similar actions when I was younger, you have to have a long look in the mirror and think about his teammates and supporters have to go through once he leaves the pitch. You have to think of other people.”
Gerrard has no concerns coping without Morelos, pinpointing one particular players to step into the void.
He said: “Ryan Kent was magnificent on Sunday, he was the best player on the pitch in my opinion.
“The players were outstanding without Alfredo on Sunday so I think we have more than enough quality to get by without him.”