Gerrard spoke with Rangers directors about returning to Ibrox after Russell Martin's axing, but eventually turned down the prospect of taking charge for the second time.
"In terms of Rangers, very close," he said on TNT Sports. "I had some really positive and interesting talks with the owners.
"It felt a bit rushed to me because I had my family in Bahrain at the time, had a lot to think about in a short space of time, to give a decision. There were a few things I was uncertain about. If I was to take a challenge that big and that important it had to be perfect, and I had to be 100 per cent ready.
"Unfortunately I wasn't due to the timing, so I stepped aside. They've got a fantastic manager now and I wish them all the best. My heart was 100 per cent there because I have the connection with the club."