Rangers brought a sense of optimism back to fans on Thursday when they began their Europa League campaign in triumphant fashion by beating Malmo 2-0 away from home.
The result was a welcome boost for boss Clement, who has been under pressure for his side's performances of late, with the club already five points behind rivals Celtic in the Scottish Premiership after just five games.
Speculation about Clement's position has grown in recent weeks, especially as rumours continue to spread about a potential reunion between Rangers and former manager Gerrard, but Light Blues legend McCoist has dismissed the idea.
"I can't see that happening at all, being brutally honest. I actually think that's pie in the sky. I would be staggered if that would happen," he told Sports Mole.
"I've got to be brutally honest with you, Steven Gerrard looks very, very happy to me where he is at this current moment in time."
Speculation has been fuelled by former chairman Dave King, who has publicly voiced his desire to return to the club and succeed temporary chairman John Gilligan, after he said that Gerrard did not want to leave the club for Aston Villa when he did in November 2021.
Fans have got to "get behind" Clement
Interim chairman Gilligan has said that manager Clement will be supported and reiterated that the Rangers boss is working in a difficult environment, sentiments that McCoist echoed when he admitted that there was "no stability" at the club.
"At this moment in time," McCoist Sports Mole, "I think the current manager's been backed, and I think we've all got to get behind him. I genuinely think that's the case. I feel for him at this moment in time.
"I don't think there's any money left for him to bring his own players in so I think he's effectively in a position where he's having to play the cards that he's been dealt."
Gilligan has said that Clement would be able to spend money in the January transfer window, but caveated his comments by insisting that the club must bring stability to its player trading model, including by making profits.
The temporary chairman also mentioned that he believes Clement is the right manager to bring about such stability.
McCoist: Gerrard would "appeal to a lot of the supporters"
While McCoist defended Clement and insisted that his position should not be considered under threat, he did acknowledge the reason why fans might be open to Gerrard returning.
"The Steven Gerrard thing," the former Rangers boss told Sports Mole, "of course it would interest a lot of the supporters because Steven obviously won the title here, and it was an exceptional season when they went through undefeated."
Indeed, admiration for Gerrard amongst fans is understandable given his title win with Rangers in 2020-21 is their only top-flight title in the last 13 seasons, and was the first unbeaten campaign in their history.
McCoist understands supporters' feelings towards Gerrard, and said: "I know [a Gerrard return] would probably appeal to a lot of the supporters."
The former Liverpool captain is currently managing Al Ettifaq in the Saudi Pro League and has done so since July 2023, but it is no surprise that he has been linked with a return to Rangers considering he has previously spoken glowingly about figures like Dave King.
Rangers will hope to make it four consecutive wins on Sunday when they host Hibernian in their sixth league game of the 2024-25 season.
Ally McCoist was speaking to Sports Mole on behalf of talkSPORT bet.