On Thursday morning, Burnley head coach Parker left the club by mutual consent, eight days after their relegation from the Premier League.
Parker won promotion with Burnley last season but after a poor run of form, his side were relegated last weekend with four matches to spare.
Burnley announced Mike Jackson would see out the season in the role whilst reports are already linking a number of names to the role including Gerrard.
Gerrard has been out of management work since leaving Saudi Pro League club Al-Ettifaq by mutual consent in January 2025.
The former Rangers and Aston Villa boss and is the favourite with the bookies to take charge of the side ahead of the new season.
Burnley will face Leeds this Friday, before matches against Aston Villa, Arsenal and Wolves to finish the season where they are guaranteed to drop back down to the Championship for another chance to bounce right back up.
Gerrard has since been working as a pundit for TNT Sports, but reports say he is keen to return to management. The Burnley job could be the perfect chance for him as he tests his mettle in the Championship.