Rangers have offered a new and improved contract to Steven Gerrard that he is set to accept, Football Insider understands.

The Scottish giants have moved to tie down their manager beyond his current four-year deal, which is due to expire in 2022.

A Rangers source has told Football Insider that the club’s board have offered Gerrard, 39, a four-and-a-half year contract worth more than £2.5million-a-year, equivalent to £50,000-a-week.

It will mean a pay rise and a two-year extension to Gerrard’s current contract.

The Rangers hierarchy have moved to tie down the Liverpool icon amid growing interest in him from clubs in England.

Football Insider revealed that Leeds United are among the leading teams keeping close tabs on Gerrard

Gerrard has been denied the opportunity to toast his imminent new contract by leading Rangers to their first trophy in eight years.

His team dominated the Scottish League Cup final yesterday but failed to seize a host of opportunities and a Fraser Forster masterclass helped a dogged Celtic side secure a 1-0 win and a 10th consecutive domestic trophy.

Nevertheless, Gerrard has transformed the fortunes since taking over at Ibrox in May 2018 in what was his first managerial post.

The England and Liverpool all-time great has narrowed the gap on Celtic and made Rangers a European force again as they stand well placed to secured a place in the Europa League knockout stages later this week.

In other Rangers news, it can be REVEALED that a 28-year-old Ibrox ace has told his agent to find him a new club after crunch talks.