The 19-year-old Chelsea midfielder played the full 90 minutes for the Stamford Bridge side during their 1-1 draw with Krasnodar on Tuesday and there had been suggestions that the Blues could look to send the teenager out on loan as he works his way back from injury.
But speaking ahead of the Gers’ league match against Dundee United Gerrard said: “There's always a lot of paper talk; a lot of speculation about a lot of players.
"From what I see from afar, I think Billy Gilmour is pretty settled at Chelsea.
"He is a fabulous little player but there's been no contact between the clubs or the managers. I know Frank [Lampard] extremely well, I know his coaching staff extremely well, and I think that's just people putting two and two together and looking for stories.
"There's nothing in it from our side, but what I will say is he is a fabulous little player and we wish him well."
However, links with Colombian forward Juan Alegría are more accurate with Gerrard admitting that “there is something in that one”.
He continued: “We are well aware of the player and his talent. We are always looking to recruit right through the club.
"This is something the academy has had a closer eye on than myself but we are very much aware of the boy but there is nothing to report on it as of yet."