Steven Gerrard has agreed a four-year deal to become the new manager of Rangers.

The former England and Liverpool midfielder takes his first step into management with the Scottish giants, having been youth coach at Anfield with their Under-18 side.

“I am honoured to become the next manager of Rangers. I have enormous respect for this football club, and its history and tradition,” said Gerrard.

“I can’t wait to start this new journey at Rangers as we look to build on the many successes that this Club has achieved.”

Rangers were looking for a new coach after deciding interim boss Graeme Murty would not be continuing in the role, after he took over from Pedro Caixinha midway through last season.

Now Gerrard has agreed terms for his first managerial role and he is expected to bring former team-mate and ex-Scotland international Gary McAllister with him to be his assistant.

But what sort of reaction can Gerrard get from Rangers? The Bookmakers certainly believe that Gerrard can achieve some success and he is 9/4 to win a trophy in his first season.

He is odds on, at 1/3, to not see out his three year contract and 4/1 to go on and become Liverpool manager at some point.

“It’s an interesting first step into management and with Rangers notoriously trigger happy with their managers we think that it’s against the odds that Gerrard will see out the whole of his three contract,” said Coral’s Harry Aitkenhead.

“Early success isn’t beyond the realms of possibility though, and he will certainly be targeting a cup run in his first year in charge.

“Liverpool fans will be following Rangers closely for the new few years and if he does enjoy some early success in his managerial career then there will certainly be calls for the club legend to return to the Kop.”