Having previously been in charge of the Liverpool u18s, this is a big step up for the Anfield legend.

The 54-time champions of Scotland currently lie in third place in the SPFL, 13 points behind champions Celtic.

Rangers last won the league title in the 2010-2011 season before being relegated down to the third division after going into liquidation in 2012.

Since then, they have climbed up the divisions and now, after bringing in the Champions League winner in as boss, they will be hoping for a first league title in eight seasons in the 2018-19 campaign.

Naturally, Rangers fans were happy with the news:

I made a big song and dance about the way @RangersFC don't use their social channels to speak to the fans and relay the news first they pull this out the bag today. Well done, handled brilliantly, long may it continue #WelcomeGerrard pic.twitter.com/PYPNCFTIsL

— I Dance Like Shota (@IDanceLikeShota) May 4, 2018

Yeah it might be a gamble, but to be honest I'm absolutely buzzing to have a guy like this at the club. He's a natural born leader, something which has been sadly lacking at Rangers for a long time. Welcome Steven Gerrard! #WelcomeGerrard 🔵⚪️🔴 pic.twitter.com/2OtbuAW8Fd

— Stuart (@StuHefnerr) May 4, 2018

Its been a long 6 years but finally something to get excited about! #WelcomeGerrard 🔴⚪🔵 pic.twitter.com/Ebbx2jzbD8

— Diane (@DianeS79) May 4, 2018

Gerrard will also go head-to-head with his former manager Brendan Rodgers who is now in the Celtic hot seat.

That mouth watering clash has led to one of his less memorable moments at Anfield being recalled by people on social media:

Steven Gerrard , your off yer head , probably be the 2nd biggest slip up of your life 😁

— Hago 🇮🇪🤘 (@Hago__) May 4, 2018

I didnt think it wis posiible for gerrard tae make a worse slip up than the wan against chelsea but heez gonnae have a go at it. It looks like a win win from our point of view plenty of focus on our gemme we will strengthen in the summer an they will ultimately fail .

— Terry O'Neill (@terryoneill67) May 4, 2018

Some Liverpool fans are also excited at the prospect of the Anfield favourite getting managerial experience on the touchline:

Good luck to Steven Gerrard as Ranger manager. Could be a potential future @LFC and @England manager. However, history shows that great players do not necessarily become great managers: Zola, S Pearce, P Ince, D Platt, Maradona, A Shearer, R Gullit to name a few.

— Mark Scothern (@MarkScothern) May 4, 2018

Unsurprisingly Celtic fans also pitched in with their own take on the appointment with mixed feelings for many in Ireland who have an affection for both clubs.

Irish Liverpool/Celtic fans right now #Gerrard pic.twitter.com/QUEunac5K2

— Paul Donohoe (@RuiDunsta) May 4, 2018

There were, naturally, less flattering takes from some on today's news.

Can’t believe Gerrard has taken the Rangers job. Dead end job, always gonna finish 2nd to Celtic, pointless.

— Jordan Shepherd (@JordShepherd) May 4, 2018

I’m neither Irish or Catholic, but my respect for Celtic FC makes me wish nothing but failure on Gerrard. I always rated him but as of now, he’s dead to me. https://t.co/8ZDwwPKwdk

— Mo Choudhury (@mochoudhury) May 4, 2018