Rangers FC have initiated formal discussions with Steven Gerrard about a sensational return to the club's technical area, with sources close to the negotiations confirming advanced-stage talks. This development comes just 72 hours after the dismissal of Russell Martin, whose brief tenure yielded only five victories in 17 matches.

Why Gerrard's Return Matters

• Delivered Rangers' first Scottish Premiership title in a decade during 2018-2021 tenure
• Maintained undefeated league campaign in 2020-21 season
• Current squad features six players from his previous regime
• Club currently sits 11 points behind Hearts in league standings

Latest Developments:

1. Gerrard's representatives met with Rangers' board on Wednesday
2. Compensation package and transfer budget key discussion points
3. Club conducting parallel talks with two other European candidates
4. Final decision expected before next weekend's Edinburgh derby

The Road Back to Ibrox

Since leaving Rangers in November 2021 for Aston Villa, Gerrard's managerial journey has seen:

• 11-month Premier League stint (Villa finished 14th in 2021-22)
• Saudi Pro League experiment with Al-Ettifaq (July 2023-January 2024)
• 287-day management hiatus since leaving Middle East

"There's undeniable chemistry between Stevie and this club," former Rangers captain Barry Ferguson told BBC Sport. "He understands the demand for silverware and has proven he can handle the Old Firm pressure cooker."

Fan Sentiment & Challenges Ahead

• 72% of supporters polled by Rangers Newsback immediate appointment
• Requires immediate solution for team's defensive frailties (23 goals conceded in 14 matches)
• Must address aging midfield core (Jack, Lundstram both 30+)
• European ambitions hampered by £6.8m UEFA Financial Fair Play settlement

With pre-season training commencing in 19 days, the clock ticks louder for Rangers' hierarchy. Will the board gamble on familiar greatness or seek fresh tactical ideas? The next 96 hours promise seismic developments at Ibrox.