Rangers have parted company with manager Graeme Murty after the team suffered a humiliating 5-0 defeat to their rivals Celtic in the Scottish Premiership.

Celtic are champions for another season, with Rangers far behind them in the table. The club will be undergoing a change of management.

Rumours suggest that Steven Gerrard will take over. The Liverpool legend is seen as the man to revive Rangers.

A Rangers statement read: "Graeme Murty has this morning been relieved of his duties as manager of Rangers.

"Jimmy Nicholl and Jonatan Johansson will take charge of the team for the three remaining matches of the season.

"Rangers are grateful to Graeme, who did not hesitate when asked last October to become interim manager after the departure of Pedro Caixinha and then, at the turn of the year, when he was offered the role as manager until the end of the season.

"Graeme has had to contend with difficult and challenging circumstances but conducted himself in a thoroughly professional manner. He will take some time to consider his options, which include returning to his role at the Rangers Academy.

"Jimmy Nicholl and Jonatan Johansson have already started preparing the team for the match against Kilmarnock on Saturday and they will be in place for the two remaining fixtures, against Aberdeen and Hibernian.

"The club hopes to be in a position to comment further on the managerial situation in the near future."