
Gerrard has managed Aston Villa and Rangers in his career, winning the Scottish Premiership title in 2021. The 46-year-old was touted for a return to Rangers last year but opted against it.
He has since moved further into punditry, becoming a familiar face on UK broadcaster TNT Sports. However, he could be poised for a comeback in the technical area, having emerged as the bookmakers' favourite to take the reins at Championship club Burnley.
The Clarets parted ways with Nicky Hayen on Saturday following a heavy 4-1 defeat at Lincoln. The Belgian was relieved of his duties after just 14 games at the helm, having been appointed during the summer.
Hayen managed just a single victory from his 12 league matches in charge, leaving Burnley languishing in the Championship relegation zone following their top-flight demotion last season.
BetVictor has tipped Gerrard as the favourite to take over from Hayen at odds of 4/1. The Liverpool icon is closely pursued by Dave Challinor, Rob Edwards and Sean Dyche, who are all priced at 6/1.
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Two further former Liverpool favourites also feature among the contenders. Current Wales boss Craig Bellamy is priced at 10/1, while Robbie Keane is listed as an outsider at 16/1 alongside Ole Gunnar Solskjaer and ex-Tottenham manager Thomas Frank.
Gerrard was also linked with the vacancy at Burnley over the summer before Hayen was appointed, with Scott Parker having departed his role at Turf Moor following the club's relegation from the Premier League. Speaking earlier in October, the ex-Red insisted he is not in any hurry to return to management.
During an appearance on the Open Goal podcast, Gerrard said: "At the moment I am happy, I am doing TV with TNT. I have signed a new deal. I have got some other bits and bobs that I do, some commercial stuff.
"I became a grandad a year ago. I'm loving being around the family, I get enough time off. My work life balance is great. I've had quite a few offers and chats with teams and stuff but at the moment I am really happy with what I am doing."
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