The Ibrox boss is on the verge of taking over at Premier League side Aston Villa following the departure of Dean Smith.
Gerrard emerged as the No.1 target early on with former Liverpool managing director Christian Purslow now chief executive at Villa.
A deal is expected to be completed and an announcement made this week.
McCoist has now called on the interested parties to break their silence and give fans of both clubs news which they “deserve”.
"I think we've reached a stage, I think the fans of both clubs deserve a wee bit of notice now," he said on talkSPORT.
"I mean, I think it's just manners.
"If it's going to happen, let everybody know."