The Scottish Premiership club dismissed Graeme Murty on Wednesday (AEST) after a 5-0 thrashing at the hands of Celtic saw its rival crowned champion for a seventh year in a row.

Murty had also overseen a 4-0 thumping to Celtic in the Scottish Cup semi-finals.

Gerrard is reportedly a frontrunner for what would be his first senior managerial role and the former England captain says negotiations over his potential appointment are ongoing.

"There's truth in the rumours," Gerrard said on TV in the UK.

"I've held initial talks with Rangers and the plan is to pick them up in a couple of days' time.

"We'll see. I've held positive talks with them. I'm busy for a couple of days but I'll pick them up on Thursday and we'll see if we can progress it."

Gerrard, employed by former club Liverpool as an academy coach, was linked with MK Dons' managerial position after his retirement as a player in 2016 and has also been mentioned in relation to the vacancy at Ipswich Town.

Rangers is third in the Scottish Premiership table, three points adrift of Aberdeen with three matches of the season remaining.