The 45-year-old, most recently at Saudi Pro League side Al-Ettifaq, spent three years in Scotland, where he most notably won the Premiership in an unbeaten season in the 2020/21 campaign.
However, he would leave his post midway through the following season, replacing Dean Smith as Aston Villa manager in November, despite Rangers being top of the league at that time.
"The level (between Scotland and England) was a big jump," admitted Gerrard on The Overlap's Stick To Football podcast. "I probably didn’t realise that at the time when I made that decision, and we talk about hindsight, we would all be great with hindsight, wouldn’t we?
"Would I have stayed at Rangers longer? To get more experience? I regret doing it now (leaving), sitting here. I didn’t at the time.
"It was tough, and also the conversations with Rangers after we won it, with recruitment and finance chats that we were having, it didn’t feel as if Rangers were ready to go again. It was a bit more like ‘Oh, let’s settle this and fix that,’ and the promises weren’t as strong as I thought they would be.
"Then the Premier League opportunity comes along, and it’s tough to say no to that."
Last year, the Liverpool legend held discussions with Rangers over a possible return to the club, following the sacking of head coach Russell Martin.
Despite this, he opted against a move back to Glasgow, with Rangers instead appointing Danny Rohl as manager.