The Rangers manager’s odds tumbled earlier this week prior to Steve Bruce's sacking on Wednesday morning.
Under the new Saudi-led consortium, the Premier League side are on the lookout for a new boss in what is a new era for the Magpies.
Gerrard had gone from 10/1 to 15/2. Now, however, he is as high as 20/1 with Betfair as six names feature higher in the betting than the Liverpool legend.
Graeme Jones, Roberto Martinez, Eddie Howe, Lucien Favre and former England team-mate Frank Lampard are ahead of him.
However, the odds-on favourite is Paulo Fonseca.
The Portuguese coach has managed Porto and Braga in his homeland as well as Roma and Shakhtar Donetsk.
Such is Gerrard's standing in England he will likely be linked with any job which becomes available in the Premier League.
It has been widely reported he could replace Liverpool boss Jurgen Klopp when his Anfield contract expires in 2024.