Next Rangers manager latest: Major candidate 'drops out' as another 'targeted by second-tier side'

According to an article in the Daily Record, the former Ibrox boss is deciding to stay put in the Middle East, where he was most recently in charge of Saudi Arabian side Al-Ettifaq. And media outlets in Spain are reporting that Ancelotti is of interest to Deportivo, who are in Segunda Division.

Gerrard guided Rangers to their last Premiership title in 2021 before leaving for Aston Villa in the English Premier League. He has featured prominently in the race to take over from Philippe Clement ever since the Belgian was sacked back in February, but it is now being claimed that the Liverpool legend wants to stay in the Gulf for a further year due to family reasons.

Gerrard is due to be part of TNT Sports Champions League final coverage this weekend and may give more detail on his future then. The former England midfielder was at Anfield on Sunday to take in Liverpool’s English Premier League title celebration but in public has remained tight-lipped on speculation linking him with a Rangers return.

The claims about Gerrard comes just hours after ex-Rangers chairman Dave King endorsed the 44-year-old for a sensational return. “I'd be very surprised if they haven't spoken to him because Steven is the obvious choice,” King told the Rangers Review. “I think I know him well enough to fairly accurately state it would be unfinished business for him.

“Steven left at a time he didn't want to leave. That's a fact. And the team was still top of the league at the time that he left. He wanted to defend that title. I think he would have defended the title had he stayed.

“So from Steven's personal point of view and where he is at the moment, I think he'd love nothing more than to come back to the club and take on the challenge of restoring the club. And it's not just about one title because the project that we hope we're starting now is a project to make Rangers the dominant number one team in Scotland.

Gerrard ‘would be a perfect fit’

“It's not about winning another league title. It's about really putting Rangers back at the top. This is a project. It's not a one-off. And I think Steven would be perfect for that.

“So I'd be very surprised if they haven't spoken to Steven because he's, as I say, he's by far the least risky candidate to give new money to, by far the least risky candidate.”

The Ibrox club are understood to be in the closing stages in what has been a long hunt for a new help coach, elongated by the ongoing takeover from 49ers Enterprises and Andrew Cavenagh, who is reported to have flown into Scotland earlier this week to conclude the search.

Other candidates to have been linked with Rangers include Ancelotti, who is the son of legendary manager Carlo Ancelotti and recently left Real Madrid, ex-Southampton boss Russell Martin and Brian Priske, who was most recently at Feyenoord. It has been claimed that Ancelotti is wanted by other clubs across the continent - including Deportivo - with his father confirming earlier this week that he is in talks with potential suitors.

Rangers’ need for speed

Rangers need to move quickly for a new head coach, given that their competitive season starts in the third week of July with Champions League qualifiers.

The Ibrox club also firmed up its pre-season plans earlier this week, with friendlies against Club Brugge and Middlesbrough arranged at Ibrox and a training camp at St George’s Park.