Rangers have terminated the contract of striker Kyle Lafferty after just one season at the club.
The 31-year-old returned to Ibrox for a second spell last summer but scored just seven goals in 37 games.
Lafferty struggled to move beyond Alfredo Morelos and Jermain Defoe in the pecking order.
Gerrard said on Wednesday that the Northern Ireland international was likely to be one of the casualties as he looks to trim his squad, explaining: "We're doing everything we can to have [the squad] ready for the new season. There will be other bodies that move on, but that's easier said than done.
"I'm told Kyle Lafferty's close to finding a solution from a mutual point of view. I think there's something loading there that might be released today or tomorrow.
"We're moving forward and we're trying to make the squad as set as possible for the challenges that are coming."
Gerrard was speaking ahead of Rangers' Europa League second qualifying round first-leg tie against Progres Niederkorn, the side from Luxembourg that infamously knocked the Gers out of the same competition two years ago.
Gerrard was not in charge of Rangers at the time, but he admits the defeat still rankles with some of the players who were involved in the humiliating loss.
"Now that I am part of it, you obviously do your background and look back on previous successes and previous failures," said Gerrard.
"It's always nice to be in a position to try and put a wrong right. A lot of people were hurt the last time we played this opposition.
"I look back at the pictures and I read the headlines that were written about our club and players, and it's my staff and players' opportunity to put a better feeling around the club."