After three years, one Scottish title and a plethora of managerial awards, Steven Gerrard has decided to pack his bags and head south for a new challenge in the Premier League.
As Gerrard looks ahead to his Premier League return, Rangers begin their efforts to find a suitable replacement.
Planet Sport takes a look at the main contenders.
Giovanni van Bronckhorst 4/9
The current frontrunner for the Rangers job is their former player, Giovanni van Bronckhorst.
During his 17-year professional career, Van Bronckhorst won league titles in Scotland, England and Spain. He also claimed the Champions League with Barca and finished runner-up in the 2010 World Cup with the Netherlands.
The 46-year-old became assistant manager at Feyenoord in 2011 and remained in that position until the summer of 2015. The departure of Fred Rutten allowed Bronckhorst to step up into the main managerial post.
In his first full season in charge, Feyenoord claimed the KNVB Cup after beating Utrecht 1-0 in the final. A year later, the club ended their 18-year wait for a league title as Van Bronckhorst won the Eredivisie for the first time in his career - as player or manager.
In the early days of 2020, the Dutchman moved to China where he became the manager of Super League side Guangzhou R&F. However, following a disappointing campaign, he left the job and returned home.
After almost a year in the wilderness, is this finally the time for Van Bronckhorst to step back into the management? The bookies certainly think so.
Derek McInnes 13/2
Another former Rangers player, Derek McInnes has also been touted as a possible replacement for Gerrard.
The 50-year-old has plenty of experience having already worked for over 13 years at St Johnstone, Bristol City and Aberdeen.
McInnes may not be a glamour appointment but considering his successes, it's no surprise to see him as one of the frontrunners for the Rangers position.
The Scotsman began his managerial journey in Perth as he took St Johnstone into the Scottish Premiership.
His achievement caught the eye of Bristol City and in October 2011, McInnes made the move across the border.
Despite avoiding relegation in his first season, the remainder of his time at Bristol was far from memorable. A run of seven games without a win led to his dismissal in early 2013.
A move to Aberdeen followed where McInnes enjoyed eight long years. His most memorable achievement at the club was winning the Scottish League Cup in 2014.
With McInnes on the lookout for a new job and Rangers in need of an experienced head, is this a match made in heaven or an accident waiting to happen? Time will tell.
Russell Martin 10/1
The third man in the betting is managerial newbie Russell Martin.
Similarly to Van Bronckhorst and McInnes, Martin too has previous playing experience at Rangers.
The defender enjoyed a 15-match spell at Ibrox after joining the club on loan from Norwich City.
The 35-year-old is currently in charge of Swansea City who sit 12th in the Championship.
His one other managerial gig was at MK Dons but due to COVID-19, he was only able to complete one full season in Milton Keynes.
Martin is a proponent of possession-based soccer - something that Dons fans experienced during his short stay at the club. One of his most notable achievements was watching his team score a goal after a build-up of 56 consecutive passes - a British record.
In fact, despite finishing 13th in his only full season at the club, MK Dons achieved the third highest possession average in Europe - falling behind only Manchester City and Barcelona.
Rangers have other more experienced managers on the shortlist but could they be swayed by Martin's innovative style and youth? The bookmakers aren't convinced, having priced the current Swansea boss at 10/1.
John Terry 10/1
Here is another managerial newbie - albeit, with a lot more experience of playing at the highest level.
After a career which included five Premier League titles, five FA Cups, three League Cups, one Champions League and a Europa League victory, Terry is now setting his sights on becoming a manager.
From October 2018 to July 2021, Terry sat under the learning tree of Dean Smith at Aston Villa. However, after three seasons of working as an assistant, the 40-year-old left to pursue his own managerial journey.
Could his search for a club land him in the Scottish Premiership?
Ronald Koeman 14/1
Arguably one of the most surprising names on the list has to be Ronald Koeman.
Following a disastrous spell with Barcelona, you would have thought Koeman would at least take some time off before getting back to work.
The Dutchman arrived at Camp Nou just as the club's off-the-field issues began to unravel in the most dramatic of ways.
At 14/1 though, a move for the Dutchman remains unlikely.
Alex Neil 14/1
Despite being just 40 years old, Alex Neil has already amassed eight years of managerial experience.
The Scotsman is most notable for his time at Norwich City and Preston North End.
However, it's Neil's time at Hamilton which could give him the upper hand in the battle to become the new man in charge at Ibrox.
Neil took the Hamilton job at the age of 31 and in his first season, he oversaw their promotion into the Scottish Premiership.
During his first season in the top flight, he also masterminded a league victory over Celtic - Hamilton's first in 76 years.
It's fair to say that Neil is certainly one of the dark horses on this shortlist.
We kick off the longshots section with an absolute corker.
Gennaro Gattuso is currently priced at 20/1 to take over the reins at Ibrox. The Italian played 34 games for the Gers in the early years of his playing career and he even scored three goals.
A return to Glasgow cannot be ruled out considering the 43-year-old is on the lookout for a new job.
Gattuso's previous managerial tenure was at Napoli where he claimed the 2019/20 Coppa Italia. His earlier job was at AC Milan where he was sacked after missing out on a Champions League spot by a point.
Another man who is priced at 20/1 is Slaven Bilic. The Croatian is currently in charge of Beijing Guoan in the Chinese Super League.
The 53-year-old is best remembered for his spell at West Ham United and also his promotion-winning campaign with West Bromwich Albion.
Elsewhere, freshly out of work Dean Smith is currently available at 20/1.
The former Aston Villa boss endured a tough year in Birmingham but will be looking for a fresh opportunity sooner rather than later.