Liverpool icon Gerrard has been tipped as one of the likely contenders to replace under-pressure Steve Bruce at St James' Park after the Premier League club's takeover.
Saudi Arabia's Public Investment Fund (PIF) has taken an 80 per cent stake, ending Mike Ashley's 14-year ownership, while Amanda Staveley's PCP Capital Partners and the Reuben brothers' RB Sports & Media each took on 10 per cent.
Huge investment and a change at the top is expected, but Bruce remains in post for Monday's (AEDT) home match against Tottenham Hotspur, which will be his 1000th as a manager.
Gerrard discussed his own relationship with Bruce and preferred to focus on sending his support to the current Newcastle manager given the uncertainty he is facing.
"For me, I am in a very big job and a very big role here that I am very much fully focused on," Gerrard said ahead of Rangers' key match against Hearts at Ibrox on Sunday (AEDT).
"I don't really react to any sort of speculation. We have got a top-of-the-table clash at the weekend and it's a game I'm very much looking forward to.
"I've certainly got one eye on Newcastle, in terms of watching Brucey get his 1000th game.
"He's a great character of the game, someone who I've got a personal relationship with, and have the utmost respect for.
"I'm really looking forward to seeing him get his 1,000th game. I think it's a mammoth achievement, so congratulations to him for the weekend."
Gerrard added: "Sitting in this position, I certainly wouldn't like anybody to be speculating about my job, so I certainly won't be getting involved in any of the speculation towards his.
"The character that Steve Bruce is, I don’t think he'd want anyone to have sympathy for him or feel sorry for him.
"I think it's interesting what is happening at Newcastle. I think if anyone deserves a break it's the Geordie fans, so I'm sure excitement levels are very high on the Toon.
"I'm sure everyone involved with the game is looking on with interest to see how it develops. But from a personal point of view, I don't really get involved in speculation and I wish Steve Bruce all the best."
Bruce's previous 999 games as a manager have produced 376 wins, 254 draws and 369 defeats.
He has only beaten Tottenham on four out of 26 attempts, with 13 losses in that span.
Newcastle is also winless in its past four home league games against Spurs (D1 L3), but it is likely to have vociferous backing from the home support after the takeover, and the departure of Ashley, which was greeted with joyous scenes.