The Villans recently parted ways with Dean Smith, who had led them from the Championship back to the Premier League.
However, Smith had a poor start to the new season, with Villa losing seven of their 11 games this season.
The Midlands club are currently in 16th position in the table, two points above the drop zone.
Villa will approach Rangers in the next 48 hours to discuss the possibility of appointing Gerrard.
The former Liverpool midfielder has done an impressive job with the Scottish giants.
Gerrard broke Celtic’s dominance in the Scottish Premiership last season when he led Rangers to the title.
They are at the top of the league once again, and Villa might find it tough to prise him away from Scotland.
He is under contract until 2024, and Villa will have to pay around £3 million to secure Gerrard’s services.
Gerrard has been touted as the possible successor to Jurgen Klopp at Liverpool for some time now.
Klopp has another three years left on his contract, and it would be ideal for Gerrard to get some Premier League managerial experience under his belt during that time.
An ambitious club like Villa could be the perfect launchpad for the former Liverpool man to test his managerial prowess in the biggest league.
However, Villa may just be taking a gamble with Gerrard.
While he has racked up an impressive managerial CV in Scotland, the Premier League is a whole different ball game.
With Villa in a poor run of form at the moment, it will take expertise from a manager to turn things around quickly.
If they fail to do that, Villa may be headed for the drop, which could cost them dearly in terms of finances.
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