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The Daily Star claim on their website that the Light Blues have finally agreed a deal with Liverpool legend Steven Gerrard to take over as their manager, replacing the very recently sacked Graeme Murty - who himself could make a return to Ibrox.

Appearing on BT Sport to analyse Real Madrid's Champions League clash with Bayern Munich, Gerrard was asked point blank if there was truth in the rumours that he had held talks with Tangers - and he confirmed that this was, in fact, the case.

"If I was Steven Gerrard looking at that squad, and baring in mind they have got five loan players to leave as well as players out of contract and guys who are now on loan overseas to come back, I'd be thinking this is a £50million, £60million, £70million project", he said. "I'm busy now for a couple of days now but I will pick it up on Thursday and we'll see if we can progress it".

Murty was initially installed as interim boss in October following the sacking of Pedro Caixinha, before being handed the role until the end of the campaign in December. But, even if the 37-year-old, who is now the under-18 coach at Liverpool, accepts the job this week, he will not take charge until June.

Former Rangers players Jimmy Nicholl and Jonatan Johansson have been placed in charge of the first team for the remaining three league games.

He returned to Liverpool's academy last summer to take charge of the under-18 side but it seems likely that the 37-year-old is ready to step up to management at a big club.

"Graeme has had to contend with hard and challenging circumstances but conducted himself in a thoroughly professional manner".

Gerrard is poised to fill the now vacant managerial position at Rangers in Scotland.