Pena was on loan at Necaxa in his homeland but saw his time at the Mexican club cut short.
The player has admitted to issues with alcohol and insists he wants to get his career back on track.
He was spotted back in Glasgow in December in what was perceived to be a bid to resolve his future, but he remains a Rangers employee to this point.
Asked by a journalist: “Can you give us an update on the Carlos Pena situation, is he rejoining the squad?”
Gerrard simply replied: “No.”
He was then asked if Pena would likely to be back at any point and whether there were moves to bring his time at Ibrox to an end. For both questions Gerrard shrugged before adding “don’t know” in response to the latter.