Gerrard will be in Rome on Wednesday as Liverpool aim to reach the Champions League final, holding a 5-2 first leg lead over Roma.
"If I was Steven Gerrard looking at that squad, and baring in mind they have got five loan players to leave as well as players out of contract and guys who are now on loan overseas to come back, I'd be thinking this is a £50million, £60million, £70million project", he said. "I'm busy for the next couple of days but we'll pick it up on Thursday and see if we can progress it".
Rangers have endured a hard recent period and have sacked Murty off the back of a 5-0 defeat to Celtic in the Glasgow Derby.
The 43-year-old, who won 21 and lost 11 of his 35 games over two spells as interim manager, has been offered the chance to return to his previous post as the club's head development squad coach.
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With Tony Adams, Thierry Henry, Dennis Bergkamp and Robert Pires all missing, Sylvain Wiltord proved the unlikely hero. Wenger was sent to the stands in 2009 for kicking a water bottle after his team had a goal disallowed.
"Graeme has had to contend with hard and challenging circumstances but conducted himself in a thoroughly professional manner".
Assistant coaches Jimmy Nicholl and Jonatan Johansson will take over dugout responsibilities for Saturday's home game with Kilmarnock while Rangers chiefs look to lift the dark gloom now sitting over Ibrox by securing the appointment of Kop icon Gerrard.
Rangers are third in the table, three points adrift of Aberdeen.
Speaking to talkSPORT, Lampard said: "In terms of the size of the club and knowing Steven pretty well, I think it's a great opportunity for him".
Newcastle United legend Alan Shearer has urged Liverpool U18 coach Steven Gerrard to accept Rangers' approach.
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