Following a medical in Glasgow on Monday, the player is expected to sign and join his team-mates at the club's training camp in the Algarve, becoming the seventh player to signed by the Ibrox side this summer.
Rangers faced stiff competition to sign Aribo with a raft of clubs in England and abroad interested, as well as Celtic.
However, getting one over on their rivals mattered little to Gerrard who is eager to integrate the 22-year-old in the team.
Aribo is seen somewhat as the missing piece of the jigsaw.
“He’s very mobile and very dynamic," Gerrard said. "He can burst past a player and create and score goals.
“There are still a lot of areas of his game where he can develop, but he gives us something we have not got in midfield. That’s the key.
“We have good midfielders, we have experience, we have good young ones. But we didn’t have this type of midfielder with the characteristics Joe has.
“I’m looking forward to getting this over the line and working with him."
The midfield area is populated at Rangers with Ryan Jack, Scott Arfield, Glen Kamara, Ross McCrorie, Steven Davis, Greg Docherty, Matt Polster and even Andy Halliday.
Last season the team struggled for a creative presence in the centre of the pitch and Aribo is expected to provide that.
“Is he the guy to unlock defences? Yes, he’s very capable.
“He’s left-footed, which we have not got in the midfield area. So he will give us more balance.
“He’s very tall and athletic and he’s quick. He’s a box-to-box player and he’s not afraid to open the door when he gets around the box. Last season he got into double figures for goals, so he’ll help us in that department.”