Talks between Steven Gerrard and Rangers are at an advanced stage and the former England captain could become manager at Ibrox within the next 24 hours, according to Sky sources.
Senior club officials met with Gerrard in London on Thursday afternoon and it is likely that the process is nearing completion.
The Liverpool legend is currently an academy coach at Anfield but it emerged last week that Rangers were interested in making the 37-year-old their next permanent manager.
Graeme Murty was set to manage Rangers until the end of the season but was dismissed on Monday in the wake of a 5-0 loss at Celtic.
Gerrard told BT Sport earlier this week: "I've held initial talks with Rangers and I plan to pick them up in a couple of days time.
"There is [interest]. I've held positive talks with them."
Pedro Caixinha began the season in charge at Rangers, having taken charge on a three-year deal last March, but the Portuguese boss was fired in October after just 229 days in charge.
Rangers are currently third in the Scottish Premiership, 13 points behind Celtic, who clinched a seventh straight title when they defeated their Glasgow rivals at the weekend.
Former Liverpool player and Celtic boss John Barnes told Sky Sports Gerrard will be "going in at the deep end" if he takes the Rangers job.
Aberdeen manager Derek McInnes said: "The prospect of a global name like Steven Gerrard coming into the Scottish game can only be seen as a good thing."