Rooney has somehow hauled the Rams to within four points of safety despite the club being deducted 21 points after going into administration in September.
"For him to have Derby where they are, in his first job, is incredible," Gerrard said of his former England teammate.
"If he manages to pull a rabbit out of the hat and keep them in the league that will be one of the best jobs I've ever seen.
"That's not because he's a friend. It's an honest opinion from coach to coach. Every neutral wants to see the situation at Derby sorted out.
"It's for Wayne and the people around him to deal with it but as someone who respects him immensely, I would love to see him get the support he deserves and needs."
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