The former Light Blues boss officially left the club this morning to take over as Aston Villa’s new Head Coach just five days after the sacking of Dean Smith.
Gerrard has left the defending champions sitting top of the Premiership table with a four-point advantage over the Hoops in the title race.
An emotional Gerrard posted a heartfelt message of thanks to the club’s supporters on social media earlier, accompanied by an image of him holding the Scottish Premiership trophy aloft.
He wrote: “I want to say a heartfelt thank you to everyone associated with Glasgow Rangers, especially the fans, for the love and support you’ve all shown me during my time in Scotland.
“Winning ‘55’ will always hold a special place in my heart – each and every one of you played a part in that and, believe me, there will be many more to come.
“I hope in time you can understand and accept my decision to move on but I honestly fell in love with the club and will always follow the team.
“Once a Ranger, always a Ranger #55.”
His departure has meant Ange Postecoglou’ side have had their odds cut drastically, with Celtic now general 5/4 chances from 13/8 to re-claim the league title.
Rangers remain narrow favourites with bookmakers to defend their crown, but their odds have been pushed out from 2/5 into 8/15.
A spokesperson for Ladbrokes said: “The Steven Gerrard effect is in full force already, and while losing their boss will come as a big enough blow for Rangers supporters, it’s already been made worse by the fact their Glasgow rivals are now considerably more likely to win the Premiership this year.”
Both sides will then turn their attention back on their respective Europa League group stage campaigns with the Gers facing a crucial home tie against Sparta Prague and the Hoops heading to Germany to play Bayer Leverkusen before a return to domestic duty.