Gerrard had emerged as a leading candidate for the post with discussions held in London over a possible sensational return to Rangers.
However, it’s understood Gerrard has deemed it not the right time to become Rangers manager. Talks have now ended without a deal being struck.
Gerrard is thought to have given his best wishes to Ibrox chiefs as they continue their recruitment drive to replace Russell Martin.
Danny Rohl is thought to be one of the candidates for the vacant Rangers post.
It comes after Gerrard had revealed he does aspire to return to management and branded Rangers the “perfect match” when reflecting on his spell in Govan.
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“I’d love another go at some point,” Gerrard said. “I want to change a few things and improve a few things and come back fresh. With a few different people around myself.
“I’d love another couple of challenges doing this. And that’s what I’m working on in the background at the moment. A few different ideas, a few different people around me.
“Now, I’m enjoying family time and doing a lot of things that I haven’t been able to do. Going to Grand Prix, doing exhibition games with ex-teammates and superstars, that type of stuff’s been great.
“But there’s a part of me that still feels that there’s a bit of unfinished business in terms of wanting to go in and face another couple of exciting challenges. But I want a certain type of challenge.
“If in an ideal world they come available, I’ll jump at them. If they don’t, I won’t go back in. I want to be at a team that’s going to compete to win because I think that suits me better.
“I think certain jobs and certain clubs would suit my style and the way I like to go about it. But I’ve also got time now where I’m not in a rush, where I know the right people that are out there to make me a stronger and a better coach. They’re the people I need to find.
“Because if I get the right match with them people around me, I know and I’ve proved I can be successful as a manager. And that’s what I’m working on in the background now.”