Graeme Souness has told Steven Gerrard that he should take the chance to manage Rangers if it presents itself.
Sky Sports News understands Gerrard, who has been working at Liverpool's academy since retiring in November 2016, is a contender to become the next manager of Rangers at the end of the season.
Souness had no managerial experience when he was appointed Rangers boss in 1986, and ended up winning seven trophies in his spell with the club.
Asked about Gerrard potentially taking over at Ibrox, Souness told Sky Sports: "If he decides to go he will be going to a fantastic club who for the best part of a decade have been in the doldrums for whatever reasons.
"He has spent the vast majority of his life at a very passionate football club [Liverpool] that is one of the few in England that is an institution. Rangers is also an institution, and I would say the same about Celtic. Why do I say it's an institution? Because of what it means to the supporters.
"It might not be the best time to manage Rangers because of the difficulties there, but what a job, if he gets it half right he will be a God. Football is everything up there, so if he has a chance then go for it, you never know what the future holds, you might never get a chance again."
Rangers last won the Scottish Premiership in 2010/11 and are competing for second place this season behind Celtic, who are poised to win their seventh league title in a row.
"That's the challenge," added Souness. "He has to finish first. It's no good playing great football and finishing second. You have to top Celtic and right now Celtic are in the box seat."
Celtic could clinch the title on Sunday when they face Rangers, live on Sky Sports.
Former Newcastle and Manchester City goalkeeper Shay Given said: "Will Gerrard get the money to challenge Celtic? They are going for 10 in a row, that's a big thing for Celtic.
"To try and stop that in your first job…he has got the attributes to probably be a top manager one day but he needs the backing from the board."
Watch Celtic v Rangers live on Sky Sports Football from 11.30am on Sunday