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Steven Gerrard has shaken hands on a deal to become the next manager of Rangers.

Record Sport understands the Liverpool legend has agreed a three-year contract to replace Graeme Murty as boss at Ibrox.

A deal was struck after Gerrard flew to London for talks with the Rangers hierarchy and it is expected to be confirmed tomorrow.

Gerrard flew straight to the English capital from Rome at lunchtime today to head into a final round of negotiations after working as a pundit at the Stadio Olimpico where his old club booked a place in this season’s Champions League final on Wednesday night.

(Image: PA)

The talks followed on from initial discussions held in recent weeks with Gerrard, his representatives and Rangers managing director Stewart Robertson and director of football Mark Allen.

Gerrard has been seeking assurances on the size and scale of his transfer budget and it’s believed his decision has been based upon the promise of fresh investment.

Rangers chairman Dave King has offered guarantees of the sums available to mount a credible challenge to Celtic - and Gerrard has intimated he’s up for the challenge.

The 37-year-old becomes the first permanent manager at Ibrox since Pedro Caixinha, who oversaw a disastrous seven-month reign at the club.

Former youth coach Graeme Murty had been in temporary charge of the team since the departure of the Portuguese in October 2017, with mixed success. He was "relieved of his duties" on Tuesday.

Gerrard has been appointed to the role with the remit of closing the gap on bitter rivals Celtic and ending the Hoops' pursuit of 10 top flight league titles in a row, a feat never previously achieved in Scottish football.

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Brendan Rodgers' side secured seven-in-a-row on Sunday with a 5-0 victory over Rangers at Celtic Park, which proved the final straw for Murty.

King's pursuit of Gerrard has been met with mixed a response from fans and pundits.

Former Rangers captain Barry Ferguson had described the potential appointment as "bold, brave and potentially brilliant" while figures such as John Barnes, who suffered a disastrous period at Celtic, warned of the pitfalls.

However, a litany of big names such as Frank Lampard down south had backed the move.