The 36-year-old midfielder announced earlier this week that he will not be renewing his contract with the Los Angeles Galaxy when it expires.
It appears the next stage of the former Liverpool and England captain’s career could be a first venture into management.
Sky Bet League One side MK Dons have been without a boss since Karl Robinson’s six-year tenure came to an end last month, with the club now in 21st place. It is understood they are not close to appointing Gerrard, though both parties are believed to have been in contact with one another.
Gerrard’s exit from the Galaxy was confirmed on Tuesday but the player revealed he had been thinking about his next move for some time.
‘’I am now looking forward to spending time with my family as I consider the next stage of my career,’’ he said. “When I left Liverpool I came to Los Angeles with the goal of helping the Galaxy lift another MLS Cup.
‘’I am disappointed to have not achieved that, but I can look back at my time at the club with pride.”
‘Gerrard had been linked with a return to Liverpool in a coaching capacity and also a reunion with former manager Brendan Rodgers at Celtic.