The former Rangers and Aston Villa boss could be in-line to replace Jesse Marsch, who was sacked after coaching the team into a relegation battle.
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Gerrard had previously been put on the Whites' watchlist back in 2019, while he was impressing at Ibrox, later leading Rangers to a first Scottish title in a decade.
And now The Mirror claim he could be in-line for a return to the Premier League after Leeds missed out on their top three targets.
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West Brom's Carlos Corberan, Rayo Vallecano's Andoni Iraola and Feyenoord's Arne Slot are all believed to have turned down the opportunity to leave their high-flying current sides for a relegation battle.
Gerrard, though, is out of work, having been sacked by Aston Villa in October, 12 games into the current season.
He is also reportedly an attractive prospect as he would likely be joined by long-term assist Gary McAllister, who is well regarded in coaching, and a Leeds legend.
Liverpool great Gerrard has plenty to prove in management after his second job didn't quite go to plan.
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The 42-year-old saw his reputation skyrocket with silverware in Scotland, but at Villa, the club performed below expectations despite Gerrard being backed in the transfer market with the likes of Philippe Coutinho and Lucas Digne.
Leeds opted to part ways with Marsch following a defeat to fellow relegation candidates Nottingham Forest, and have since picked up a 2-2 draw against Manchester United under the caretaker control of assistant Michael Skubala.