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3rd January 2019
04:33pm GMT
Steven Davis is also likely to sign for the Scottish club over the next few days. The Northern Ireland captain turned 34 on January 1 and appears to be surplus to requirements at Southampton.
Davis has made just six appearances for the Saints this season. Following the goalless draw with Chelsea on Wednesday night, new Southampton manager Ralph Hasenhuttl said that there was a "possibility" the midfielder could return to Rangers.
"There we find a good solution where we have a win-win situation for both sides," he told reporters. "He has done a lot for this club. The fact is he has half-a-year contract here until the summer, so what we want to give him is a chance to make the next step."
Davis joined Southampton from Rangers in 2012 and has made 226 appearances for the club, scoring 14 goals. Between 2008 and 2012, the midfielder played 210 times for Rangers. According to the Times, Davis will earn around £12,000-a-week at Ibrox and he will sign an 18-month deal.
Gerrard is also reportedly seeking to sign Charlie Adam, another former Rangers midfielder. Adam is out of favour at Stoke City and free to leave the club during the January transfer window.
Since taking charge at Ibrox, Gerrard has signed 10 players on permanent deals and secured five loan deals. Despite landing almost a completely new squad, it seems like the former Liverpool captain still isn't finished in the transfer market.
If the moves for these three players are completed, the former Liverpool captain will have signed 19 new players for the club.
Rangers are currently level on points with Celtic at the top of Scottish top-flight. Celtic have a game in hand over Gerrard's side.Explore more on these topics:
