The Glasgow club have had a busy transfer window ahead of their latest attempt to dethrone their bitter rivals Celtic at the summit of the Scottish Premier League.
Joe Aribo, Greg Stewart, Steven Davis, Jake Hastie and Jordan Jones have all arrived at Ibrox this summer on free transfers.
Gerard is keen to bring in defensive reinforcements before the closure of the transfer window and has revealed he’s close to making a new addition to his back four.
“It will be a permanent deal for a defender,” the Liverpool legend said.
“There is still a way to go but we have had some progress in the last couple of days. If things progress as they have in the last 48 hours, I’m hoping something will get done by the end of the week.”
Rangers’ season kicked off on Wednesday in Gibraltar, where they took on St. Joseph’s in the first round of the Europa League qualifiers.
Gerrard’s troops comfortably saw off the minnows, registering a 4-0 win thanks to goals from Ryan Jack, Sheyi Ojo, Connor Goldson and Alfredo Morelos.
“We never want to come off the gas,” Gerrard said in his post-match interview. “I don’t think we are at a stage just yet this squad and this team where we can pick and choose where we turn on the gas.
“So I was very impressed that we kept passing the ball, we didn’t get bored and we kept trying to create chances and we kept searching for more goals.
“We got four tonight, but it possibly could have been a few more.”
The second leg of Rangers’ tie with St. Joseph’s takes place at Ibrox a week on Thursday.
The Teddy Bears kick off their Scottish Premier League campaign away to Kilmarnock on August 4.