Sources told ESPN FC earlier this week that Rangers are confident of appointing Gerrard and have a four-year contract prepared, with Gary McAllister set to be his assistant.
Numerous former coaches and team-mates of Gerrard have had their say on the ex-England star taking up the role at Ibrox. Barring any last-minute hitch or change of mind by the 37-year-old there could be an announcement later today.
Also got told a rich foreign investor is ready to plough big money into Rangers and Gerrard was just waiting for it to get signed off/find out his budget.
Sky Sports reports that Murty told the players of the decision for him to leave on Tuesday morning, after admitting that discussions with Gerrard had made things hard for him personally.
"Be honest, be yourself, never forget that leadership is a transfer of emotions". If he's upbeat the team will be upbeat.
"Obviously he will have more of an idea than me as to the financial implications of him being there and what support he will get financially but I think it's obvious that they aren't able financially at this particular moment in time to compete with Celtic so he's not going to get the players".
"He will take some time to consider his options, which include returning to his role at the Rangers academy", said the Glasgow club.
After retiring from football in 2016 after his spell in the MLS with LA Galaxy, the Reds legend has been coaching within the Premier League side's development ranks while earning his UEFA coaching badges.