Nathan Patterson, Bongani Zungu Calvin Bassey, Dapo Mebude and Brian Kinnear have been issued with a notice of complaint.
The quintet attended a party which was broken up by Police Scotland last month which saw them end up in hot water with the club.
Rangers fined the five players.
At the time, Gerrard said: “First and foremost we have to acknowledge that five of our players have been involved in a breach of Covid regulations, which, from the top of the club to the bottom, we are all really disappointed in.
“That will be dealt with internally.
“The players will be fined and we are in dialogue with the SFA and the government to find a solution moving forward in terms of them boys.
“They have been removed from the club and the squad for now on a short-time basis while they isolate. I will sit down with them boys face-to-face when we are allowed to do so.
“I feel let down by recent events but I am trying to move forward and focus on the important things.”
A principal hearing has been set for March 25.
Jordan Jones and George Edmundson were the first Rangers players to break Covid-19 regulations and were hit with seven-match bans. Both players were sent out on loan in January.
Patterson and Zungu have both made first-team appearances after being brought back into the first-team fold, while Bassey has been on the bench.
Mebude is currently on loan at Queen of the South.