However, another talkSPORT pundit insisted 'stranger things have happened in football' and believes Mr Liverpool could put his career first and make the stunning switch. Yes, really!
With Everton on the hunt for a new manager after Carlo Ancelotti's out-of-the-blue return to Real Madrid this week, speculation is in full swing over who will fill his place at Goodison Park.
Nuno Espirito Santo is one of the top candidates after his departure from Wolves, while even ex-Liverpool manager Rafael Benitez has been backed to complete the switch from red to blue.
But the emergence of Gerrard as a possible contender is the one that has really stunned both sides of Merseyside.
The former Reds captain - widely considered the greatest player to ever pull on the Liverpool shirt - is 33/1 for the job.
Long odds, for sure, but Danny Mills told talkSPORT it wouldn't be such a big shock, saying the Everton would be a 'great opportunity' for the young coach for his first Premier League job.
"Whether he would take it is another matter, but I think they would have to consider him," said the former England defender on Thursday's talkSPORT Breakfast.
"He's done a fantastic job at Rangers, he's an up and coming young manager. His family are still on Merseyside, a lot of his coaches were Merseyside based as well, so I'm sure they have links and family down there.
"Why not?
"People will say he can't because of the Liverpool link, well… stranger things have happened in football.
"I'm sure Steven Gerrard will look at it on what a great opportunity it would be if he was offered it."
I think we can be confident in assuming both the blue and red halves of Liverpool will be laughing at that suggestion.
And McCoist was no different, insisting not only is there no way the Anfield icon will move to Goodison Park, there is no way he would leave Rangers after guiding the club to the Scottish Premiership title.
The Ibrox great said on talkSPORT: "Danny, Danny… come on!
"He's got Champions League football to look forward to! He's looking to get two in a row!
"Listen guys, for the second year in a row we've just sold 44,000 season tickets, the club's going through the roof and he's on board.
"He's going into his fourth season in charge, he won the championship, he's got a board that backs him, he's doing ever so well.
"Come on guys, let's be realistic about this - there's a better chance of me being the Everton manager than Steven Gerrard!
"Would it be a bad appointment? I didn't say that. But would he consider it? That's a different thing.
"Listen, there are one or two things that only Steven would be able to answer, and the Everton job is a fantastic job let's not kid ourselves.
"But it's not for Steven Gerrard! It's not happening!"