The ex-England midfielder will take over for next season after he was confirmed as the man tasked with breaking Celtic's domination in Scotland.
Though he has no senior managerial experience, the Ibrox outfit has turned to Gerrard in the hope his high profile and extensive contacts can help the club compete against its Glasgow rivala.
"I needed to weigh up a lot of things but a huge opportunity presented itself," Gerrard said. "I've been lucky enough to come up and sample some Old Firm games.
"When the call came it was a no-brainer for me. I had a different feeling in my stomach about the other opportunities I had to be a manager. From that first phone call I had a special feeling, I knew Rangers was for me.
"The most important thing is the challenge and I'm very excited. I wish I could get rid of the next four or five weeks as I can't wait to get on and meet the players."
Gerrard rejected the suggestion his appointment represents a risk for Rangers due to his lack of experience.
"It's not an issue for me, I respect everyone's opinion," Gerrard said. "I've been around a big club and big matches for a long time. I've watched big managers, I can't do anything about not having experience but I have the right characteristics to take on the challenge.
"I'm looking forward to the schooling. Pressure's not a bad thing for me, I've always lived under it. In football if you're working under pressure you're in a good place. I've missed that pressure since I stopped playing football. That's why I love being involved in football.
"Bring it on, I don't mind intense pressure, I knew it before I decided to become Rangers manager. I'll do my very best. The supporters are a big reason I wanted to come here and be a leader. I can't wait to be out there leading this team."
Joining Rangers means Gerrard will face off with his old manager at Liverpool, Brendan Rodgers, who is on track to lead Celtic to a second successive domestic treble having masterminded two heavy Old Firm victories in the last three weeks.
"I haven't spoken to Brendan recently," former England captain Gerrard said. "But we are fine, we've always been fine and I'm ready for the challenge.
"I knew straight away from the phone call I wanted to look into it but of course I've spoken to friends and family and people in the game I'm tight with. I won't give any names.
"My assistant will be Gary McAllister, he's a long-time friend of mine and I played alongside him at Liverpool. I have huge respect for him and while I don't have a lot of experience, he has been around the game for a very long time. As a partnership, that will be strong and he will be a rock for me.
"As soon as I asked him, he said yes. The way he carries himself and treats people, I learned so much from him as a footballer and a human being. I couldn't ask for a better person to be here with me."
Rangers is set to finish third for a second successive season having struggled to challenge Celtic since returning to the top flight in 2016, including losing four of the five Old Firm derbies this term.
The last of those was a humiliating 5-0 hammering that led to Graeme Murty's dismissal and paved the way for Gerrard's appointment, which sees the 37 year-old - who previously turned down an opportunity at MK Dons - leave his role as a coach at Liverpool’s academy.