Bruno Alves has had his Rangers contract terminated and has completed his move to Serie A side Parma.
The centre-back, who had a disappointing season at Ibrox following his free transfer from Caglari, was earning £28k-a-week at rangers according to the Daily Record.
That will clear up cash for Gerrard, who is still hard at work bringing in new recruits with his club’s new season set to kick off on Thursday with their first Europa League qualifier.
Alves, who has returned from his World Cup exploits with Portugal, is 36 and this could be his last big contract.
The thinking is that the pace of Italian football will suit him much better than the physicality of the Scottish Premiership.
Gerrard has Connor Goldson, Nikola Katic and Ross McCrorie to pick from at the heart of his new-look defence. Alves won’t be a big miss.