Gerrard said on Tuesday that he had held "positive talks" over the vacant managerial position at Ibrox following the sacking of Graeme Murty.
Gerrard remains keen on moving to Scotland despite being an Under-18s coach for Liverpool's academy.
Rangers are yet to confirm the appointment, which would see Gerrard take over at the end of the season.
"Yes, there is truth in the rumours", Gerrard said, as quoted by ESPN FC.
He admitted he had held talks and they were resumed on Thursday as the two parties looked to thrash out terms.More news: Twitter asks users to change passwords due to bug
"Rangers are grateful to Graeme, who did not hesitate when asked last October to become interim manager after the departure of Pedro Caixinha and then, at the turn of the year, when he was offered the role as manager until the end of the season".
"He's got to make sure that he has enough money to buy good players", he told BeIN Sports.
"I think Rangers being in the top division for three or four years, to get that money and to possibly get into the Europa League and qualify for the Champions League, the money can be there in the, hopefully for them, not too distant future".
Pedro Caixinha began the season in charge at Rangers, having taken charge on a three-year deal last March, but the Portuguese boss was sacked in October after just 229 days in charge.
If appointed as the next Gers leader, Gerrard will be tasked to break the SPL dominance held by their Old Firm rivals Glasgow Celtic, who have now won seven consecutive league titles.