The terms of the deal are said to be a three-year agreement, and that in itself is a massive gamble from the Gers board who have no idea whether Gerrard will bring them what they want.
"There's an interest, there's been initial talks and the plan is to pick them up in a couple of days time", Gerrard told BT Sport, who he works for as a pundit on top of his duties as Liverpool's under-18's coach.
Murty was informed of Rangers' decision in a meeting with managing director Stewart Robertson at Ibrox.
Gerrard is widely expected to be given the nod following Murty's dismissal and has been locked in talks with the Scottish Premiership side.
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April - With confidence shattered by that Ibrox defeat, the wheels well and truly come off as Rangers suffer a 4-0 William Hill Scottish Cup semi-final mauling against Celtic. Rangers' second successive Old Firm humiliation at the weekend duly sealed his fate.
"Graeme has had to contend with hard and challenging circumstances but conducted himself in a thoroughly professional manner".
Rangers are third in the table, three points adrift of Aberdeen.
"He will take some time to consider his options, which include returning to his role at the Rangers academy", said the Glasgow club.
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Nicholl, 61, will take the lead role in trying to lead the Ibrox squad through a testing trio of matches.
Liverpool legend Steven Gerrard has been linked with the full-time post recently held by Mark Warburton, until February past year, and Pedro Caixinha, until October.
Gerrard turned down the opportunity to manage MK Dons back in 2016 following his retirement from football, citing it was too early for him to step into full-time management.
Murphy says Gerrard waiting for one condition to be met at Rangers
Last season, it was claimed that MK Dons were keen to appoint the former England worldwide as their new first-team manager. The Reds hierarchy are also keen on the 37-year-old taking over the reigns at Anfield one day.