The Ibrox boss is already without James Tavernier and Kemar Roofe who both pulled up with injuries in last week’s manic 4-3 win over Royal Antwerp in the Europa League.
Concerns mounted as the Scotland ace suffered a recurrence of an old calf injury, limping off midway through the first half against Dundee United on Sunday.
But Gerrard said: "With Jacko we've had more positive news on the scan. There's not very much muscle damage in there.
"There's no muscle tear but there's been a small bleed that we're going to have to protect so he'll be a couple of weeks, but it's definitely on the positive side rather than the negative."
The midfielder faces a similar spell on the sidelines as captain Tavernier and striker Roofe who are both expected to miss the next two to three weeks.