With just three games left in the season, Rangers interim boss Graeme Murty was stepped down as manager.
However, Press Association Sport understands there is no "imminent announcement" and any agreement will have to wait until Gerrard - who now is in charge of the Anfield Under-18s - returns from Rome, where he is working for BT Sport as a pundit during their coverage of Liverpool's Champions League clash with Roma.
"Jimmy Nicholl and Jonatan Johansson will take charge of the team for the three remaining matches of the season".More news: 5-Star Guard Romeo Langford Stays In-State, Commits to Indiana
He returned to Liverpool's academy last summer to take charge of the under-18 side but it seems likely that the 37-year-old is ready to step up to management at a big club.
Murty was thrust into the hot seat on both occasions and, after the Ibrox outfit's failure to lure Derek McInnes from the Dons, was informed he would have the post until the end of the campaign.
It will now fall on Nicholl and Johansson's shoulders to guide Rangers past Aberdeen and Hibernian through to second spot. He also took over between the sacking of Mark Warburton and the appointment of Caixinha past year.