Saudi Arabian clubs are allowed eight foreign players in their matchday squad, with Gerrard's side boasting ten at present.
Among the ten are Jordan Henderson, Georginio Wijnaldum, Demarai Gray and Moussa Dembele.
With two set to be axed, ESPN state it could be Sweden international Robin Quaison and Brazilian winger Vitinho who are moved on to make room for Lingard.
The 30-year-old has been training with Al Ettifaq as he looks for a new employer.
Lingard had been playing for Nottingham Forest until he was released at the end of last season.
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Since then the midfielder has spent a chunk of the summer training with West Ham, before heading to Saudi to join Gerrard's squad.
Lingard is yet to sign a contract with Al Ettifaq, however the Saudi side will have to make room for him first.
Should the former Manchester United man formalise his move, Al Ettifaq will be getting a player who made 232 appearances for the Red Devils.
The 32-cap England international has been sharing snaps of him in Al Ettifaq gear as he looks to secure a free transfer.
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Earlier on Friday, he posted a number of images of himself in the Gulf nation on Instagram, where he simply said: "Pics n flicks."
Al Ettifaq currently sit seventh in the Saudi Pro League table after their opening nine games.