The Ibrox boss saw his side secure the Scottish Premiership title on Sunday afternoon when Celtic played out a 0-0 draw against Dundee United.
That result sparked widespread celebrations in the blue half of Glasgow, but former Crystal Palace chairman Jordan has delivered a sobering verdict on Gerrard’s long-term future with the Gers.
Speaking to Jim White on talkSPORT, he said: “You asked me a question last week, should they give him an extended contract? And I said no – he’s got three years on his contract, why do they need to give him a further contract?
"If you believe Liverpool are going to come knocking at some point and Steven Gerrard is not going to leave Rangers quicker than a quick thing from Quickland, then you’re wrong.
"That’s not disrespectful, it just happens to be a matter of fact. You might not like that narrative, it might not suit that points that you’re trying to advance, but both Danny [Murphy] and I have said it from different points of view – Danny from experience for Steven Gerrard, and me looking at it it from a pragmatic point of view.
"Look, Rangers are a fabulous football club, and their achievement is fabulous, but let’s be realistic about where Steven Gerrard will most likely want to end up – in the elite league, managing one of the elite sides.
"He took the Rangers job because it was offered to him, and he’s gone and done the job that he was brought in to do. He’s been given support, he’s been given help and guidance.
"He’s got a very, very educated backroom staff that are absolutely fundamental to his achievements, and he’s cut his teeth in a league that will give him a reputation that maybe he will get to put to the test in an elite league. The Scottish league is not an elite league.”
Rangers are set to face Celtic at Parkhead in their next outing in the league.