Gerrard is in talks with Rangers over becoming their new manager.
Gerrard said on Tuesday that he had held "positive talks" over the vacant managerial position at Ibrox following the sacking of Graeme Murty.
The Liverpool legend is now an academy coach at Anfield but it emerged last week that Rangers were interested in making the 37-year-old their next permanent manager.
The Gers are on the lookout for a new manager, who will take over from the start of the new season, and have already held discussions with the Liverpool legend about the job.
"He will take some time to consider his options, which include returning to his role at the Rangers academy", said the Glasgow club.More news: Prince Harry and Meghan Markle have chosen their wedding day ride
He admitted he had held talks and they were resumed on Thursday as the two parties looked to thrash out terms.
Former Reds captain Gerrard watched on as his side lost 4-2 on the night but progressed 7-6 on aggregate and as they get set to meet Real Madrid in the final of the competition, he has predicted this could be the beginning of something good for Liverpool.
BBC Sport claims that the 37-year-old, who now holds the position of the Champions League semi-finalists' Under 18 coach, is on the brink of accepting the role at Ibrox Stadium, which will be his first senior managerial job since announcing his intentions to get into coaching following his retirement from football in 2017.
"It will be better in his development to become a coach".