While there was huge debate throughout their playing careers that Lampard and Gerrard could not play effectively in the same team, talkSPORT's Simon Jordan insists the Chelsea legend would be a great fit to succeed his old England teammate in the Ibrox dugout.
Rangers are on the hunt for their next manager following Gerrard's departure as manager this week, midway through their Scottish Premiership title defence, to return to the Premier League as Aston Villa's new boss.
Lampard is now back in the frame for a move to Glasgow, after he pulled out of negotiations over a move to replace Daniel Farke as manager of Norwich.
Recent sackings have meant the managerial merry-go-round is back in full flow, with axed Villa coach Dean Smith now the favourite for the Norwich job after Lampard decided not to join the in-trouble Premier League side.
Links with the Rangers job have since been rekindled, with The Sun reporting the 43-year-old is set for talks with the Scottish champions this weekend.
Van Bronckhorst is the current favourite for the role. The Dutchman - who spent three years at Ibrox as a player, winning winning two league titles, two Scottish Cups and one Scottish League Cup - was pictured arriving in London on Saturday, apparently also on his way to talks with the club.
But Jordan claims Lampard would be a better fit due to his experiences of coaching at the top level, despite still being in the infancy of his managerial career.
Managing Derby County to the Championship play-offs in his first ever job, Lampard then took over at Chelsea and in his 18 months in charge took the Blues to fourth place in the Premier League, an FA Cup final and also oversaw plenty of wins in the Champions League.
He also believes hiring Lampard would be less of a risk than when they appointed a rookie coach in Gerrard, whose only experience at that point was leading Liverpool's academy team, back in 2018.
Asked if he believes Lampard would be a good appointment by Rangers, the White and Jordan host said: "I do.
"On one hand I think it might not be the best idea to follow a peer into a job, but that's not how football works, and from a stardust point of view and from a capability point of view, Lampard goes there.
"I can understand the argument with Giovanni van Bronckhorst because he's played there, but I'm not sure where he is in the food chain of managing a football club and understanding what's going on up in Rangers at his moment in time.
"I think Lampard kind of shoes in and follows the blueprint that they took with Gerrard.
"In fact, it's probably even less of a risk than they took with Gerrard, because he's already done some managerial work and he's already been at a certain level.
"He already understands the iconography of managing an elite football club, because he did it at Chelsea for 18 months. Gerrard didn't have any of that.
"Lampard has that recognisability, but actually Rangers don't need recognisability around the world, they need to win the Scottish Premiership title again and they need to qualify for the Champions League group stages from the get-go.
"Because if they hand that opportunity back to Celtic, Celtic already generate more revenue than Rangers do and, with that extra £14million cash cow, it's a key component
"Frank Lampard going into Rangers would fit into the profile, players will respond to him, it's a similar outlook of the game.
"I know there's a big argument that the two could never play in the same team, but maybe they can manage the same team at different time!"