RANGERS will compile a final shortlist early next week after Steven Gerrard emerged as the front-runner in their hunt for a new manager.

Director of Football Mark Allen has been tasked with collating a list of candidates for the position and Gerrard was involved in talks last week.

But SportTimes understands the 37-year-old will seek financial assurances from Rangers before he considers any potential offer that could come his way.

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The prospect of being tasked with the challenge of overhauling Celtic appeals to the former Anfield hero but Gerrard is aware that significant funds must be spent to give Rangers a chance of overcoming their Old Firm rivals.

Gerrard played under Parkhead boss Brendan Rodgers during the Northern Irishman’s stint in charge of the Reds and, after returning to England from a spell in Major League Soccer with LA Galaxy, he has spent recent months in charge of Liverpool’s Under-18 side.

The former England midfielder is one of the names to be linked at present and it is expected that he will be on the final shortlist presented to chairman Dave King next week.

Allen will then make a recommendation to his Ibrox board as Rangers prepare to make a crucial appointment that could shape their future on and off the park for years to come.

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He has already pushed the button to recruit two signings in the form of Allan McGregor and Scott Arfield, who will pen two and three-year deals respectively.

If Rangers and Gerrard can agree terms, the man who helped Liverpool to the Champions League could be set to launch the Ibrox club's title challenge next season.

King was at Anfield on Tuesday night to watch Liverpool beat Roma 5-2 in the opening leg of their Champions League semi-final, while Gerrard was in the Ibrox directors’ box last month as Celtic came from behind to beat Rangers 3-2.

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The Light Blues won’t consider any candidate that does not have experience of the British game and there is no room for error for Rangers following the underwhelming reigns of Mark Warburton and Pedro Caixinha over the last two seasons.

Murty was appointed as manager in December after Derek McInnes rejected a move to Ibrox but won't remain in the post beyond the summer following the Scottish Cup defeat to Celtic.