Gerrard enjoyed three successful seasons at Ibrox, culminating in Rangers winning their first league title in a decade with an unbeaten campaign in 2021.
That success also prevented Celtic from winning a historic 10th consecutive championship before Gerrard left for Aston Villa later that year.
The former Liverpool captain has been out of management since leaving Al-Ettifaq in January 2025, but has continued to receive approaches from clubs.
Despite that, he is reluctant to consider a return to Rangers while Derek McInnes remains in charge.
“I hope the club goes on and be successful where they maybe don't need to come and ask someone like me,” Gerrard said on the Open Goal podcast.
Gerrard stressed that he has nothing but respect for McInnes, who he previously faced during his time at Rangers.
“I have got nothing but respect for Derek McInnes. He was one of the toughest challenges for us as a group of staff when he was at Aberdeen. I hope he does well.”
The former Rangers manager also revealed how much he enjoyed returning to Ibrox for the recent Old Firm fixture.
“I follow Rangers, I follow the results, I love the club. I want Derek McInnes to be successful, I've got nothing but respect for him. And I loved yesterday at the game.”
He described the experience of returning to the stadium and seeing the atmosphere around the fixture as a particular highlight.
“Just watching another Old Firm. See driving up to the stadium, the scarves and being back in Ibrox and that, it was some buzz.”
Rangers have responded well after a difficult start to the season and were only two points behind Celtic following their victory over their rivals before the international break.
Gerrard, meanwhile, is content with his current life away from the dugout.
“At the moment I am happy, I am doing TV with TNT. I have signed a new deal. I have got some other bits and bobs that I do, some commercial stuff.”
He also spoke about becoming a grandfather and having more time with his family.
“I've had quite a few offers and chats with teams and stuff but at the moment I am really happy with what I am doing.”
Gerrard's return to management remains possible, but for now he has little desire to return to Rangers, particularly while the club are moving in the right direction under McInnes.