Steven Gerrard has turned down the chance to return to Rangers for a second spell as manager.
The Scottish giants parted ways with Russell Martin last week, swiftly turning to the Liverpool legend to come in to steer the club back on track.
Gerrard spent three years in Glasgow, leading the Gers to the Scottish title in the 2020-21 season and held extensive talks with the club this week.
The former England international has turned down their approach, however, withdrawing from the interview process on Saturday.
Multiple reports claim Gerrard felt the timing to return to Ibrox was not quite right despite positive discussions.
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Gerrard left Rangers in 2021 to take over at Aston Villa, leaving them four points clear ahead of Celtic at the summit of Scottish football.
He was sacked by Villa after less than a year in charge, most recently serving as head coach at Saudi Pro League side Al-Ettifaq.
Rangers have endured a miserable start to the season, winning just one of their opening seven league games to leave them slumped in eighth.
With Gerrard out of the picture, former Everton boss Sean Dyce is among the favourites with the bookies although latest reports suggest he is being lined up to replace Ange Postecoglou at Nottingham Forest.
Rangers legend Ally McCoist was eager for his old side to appoint Gerrard’s old England teammate Frank Lampard in the past, with the Chelsea legend now thriving at Coventry City.
Next Rangers manager latest 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
While he is still desperate to see Lampard get the job, McCoist recently admitted it would be ‘near impossible’.
‘I wish we’d taken my advice for the last one and that was Frank Lampard,’ the former Scotland striker told talkSPORT.
‘That’s what I said, right? My exact tip was Frank Lampard.
‘And clearly Frank is doing exceptionally well now, and I think it would be nearly impossible to get him. But a lot of the people, myself included, I wouldn’t mind at all.
‘In fact, I’d quite like to see Steven Gerrard coming back. After that, we probably missed the boat with Derek McInnes who’s doing a fantastic job at Hearts. Other than that, I’m all ears.’
Latest betting odds have former Sheffield Wednesday boss Danny Rohl as the favourite following developments with Gerrard with Kevin Muscat, currently head coach of Chinese Super League club Shanghai Port, also in the running with the bookmakers.