The Ibrox hero had held constructive discussions with Ibrox chiefs in recent days but has removed himself from consideration.
It’s understood Gerrard gave his best wishes to the Rangers regime but felt it was not the correct time to return to the club.
The Liverpool legend had been a favourite amongst supporters and had been viewed as a leading candidate to replace Russell Martin.
However, Ibrox powerbrokers will now continue their recruitment search with Gerrard no longer in contention for the position.
Rohl, who is thought to be under consideration, has now emerged as the favourite with bookmakers as odds dramatically shifted after news of Gerrard’s withdrawal from the process.
Read more:
Betfair price Rohl as 4/5 favourite for the job via oddschecker.
Kevin Muscat – who has also been touted as a possible successor to Martin, who was sacked on Sunday – is 19/10 alongside Kieran McKenna and St Mirren manager Stephen Robinson.
It’s understood Sean Dyche was not under consideration to become the new manager earlier this week but he is still included in odds lists at 9/4 for the job.
We told that the former Everton boss would not be on the shortlist compiled by Kevin Thelwell and Patrick Strward earlier this week. It’s understood reports of a meeting between Thelwell and Dyche last week regarding the Ibrox post were wide of the mark.
Slaven Bilic is further back at 14/5 with Mark van Bommel priced at 7/2 for the Ibrox hotseat.
Next Rangers manager odds
Danny Rohl 4/6
Kevin Muscat 19/10
Kieran McKenna 19/10
Stephen Robinson 19/10
Sean Dyche 9/4
Slaven Bilic 14/5
Mark van Bommel 7/2
*Odds accurate October 11, via oddschecker