Gerrard is being linked with the manager's job at Ibrox.
"Yes, Gerrard is an under-18s coach, a phenomenally talented player for club and country, and won the Champions League and Uefa Cup," McCulloch said.
"But in management terms, he is very inexperienced. It is a big gamble."
"For Rangers it is a gamble getting a young guy in who has not got a lot of experience of managing men," Neilson told BBC Sportsound.
"But also from Steven Gerrard's perspective, there are probably two things he has to find out first: What are the expectations at Rangers? If the expectations are to go straight in and win the league, then it is going to be very difficult.
"And what is the budget going to be? If the expectations are to win the league, then the budget has to match that.
"It is a huge gamble for both parties, and it is whether it is worth the risk.
"If I am Stevie Gerrard in that situation, it is a difficult one to commit to. Liverpool is such a big club and he has such a reputation there.
"He could spend the next two or three years there and go straight into that [manager's] position with the experience he has got."