The manager's half-time remonstrations with referee John Beaton, which prompted the whistler to show two yellow cards to the Rangers boss during this week’s win over Livingston, have led to a misconduct charge from the Scottish Football Association.
Gerrard has been offered a one-match ban or an SFA disciplinary hearing with Hampden officials on March 25.
That means the manager could be free to take up a place on the touchline for this month's Old Firm game if Rangers accept the charge now, or if the club take the matter to the hearing – which falls after the Celtic Park clash.
Rangers have five days to respond, by which point the league could already be sewn up.
Gerrard’s team are currently four points away from claiming the Scottish Premiership trophy. St Mirren visit Ibrox this weekend in a game which could settle the title race – if Rangers win and Celtic lose to Dundee United on Sunday.
The boss could sit out this weekend – or the match at Parkhead, if the club delays acceptance of the charge until after this weekend and before the March 10 response deadline.
The charge comes after a half-time flashpoint when the Rangers manager approached referee John Beaton with complaints over a yellow card shown to striker Alfredo Morelos. The Colombian was denied a penalty and booked for simulation despite appearing to be caught by Livingston goalkeeper Max Stryjek on Wednesday night. Morelos shrugged off the caution to score the game-winning goal five minutes from time.