The former Gers striker, however, thinks the club will need to get the begging bowl out to enable a reunion to happen.
Gerrard withdrew from the race to become the next Rangers manager late on Saturday night. It was mooted that the timing wasn’t right for a return to Glasgow.
This decision leaves Andrew Cavenagh and Paraag Marathe still searching for Russell Martin’s successor.
Mr Boyd believes Gerrard could still be a contender for the position, but it won’t be an easy recruitment.
He told the Scottish Sun: “The only thing that I could think, maybe, has thrown a spanner in the works is the whole Kevin Thelwell and Patrick Stewart scenario.
“A manager won’t want to take on effectively his bosses.
“But if Steven Gerrard has spoken to the owners of the club, and they have had good conversations, like we were led to believe happened, there might be a power struggle here.
“I’ve got to be honest, it might be a ploy from Steven Gerrard.”
As it stands, Mr Boyd is uncertain about the club’s next steps.
He said: “As it stands right now, I really don’t know where Rangers are going to turn to.
“It might be a case where they have to go back to Steven Gerrard with the begging bowl and say ‘Listen, we need you to come here, and we’re going to move the structure within the football club to allow you to come here’.”