Gerrard was sacked by Aston Villa on 20 October after the Villans' poor run of form left them languishing just outside the bottom three in the Premier League.
Villa suffered a disappointing 3-0 defeat to Fulham at Craven Cottage, which ultimately spelt the end of the former Liverpool midfielder's time in charge.
The former England captain spoke with disappointment after being sacked, saying (via the Guardian):
"Aston Villa is a club with a special history, I really wanted to bring back those memorable achievements, unfortunately it wasn’t to be. I wish everyone at the club all the very best for the future."
Gerrard left Villa Park having overseen 13 wins, eight draws, and 19 defeats in 40 games in charge.
However, the ex-Rangers boss could be back in the dugout shortly and is being touted as a shock candidate to replace Leam Richardson at Wigan.
The Latics dismissed Richardson on 10 November after an eight-game losing streak. They are 22nd in the Championship with just six wins in 21 fixtures.
Steven Gerrard has entered the betting market at 16/1 odds to become Wigan's new manager. Wigan may be attracted by the legendary midfielder's work while in charge of Rangers.
The Liverpool icon led the Ibrox outfit to their first Scottish Premier League title in 10 years.
Liverpool manager Jurgen Klopp said Steven Gerrard would become Reds manager one day back in 2021
Klopp vowed that Steven Gerrard would one day become Liverpool manager back in 2021.
This was before he headed to Villa Park and ultimately failed to impress as he was still in charge of Rangers.
Steven Gerrard is a Liverpool icon, having won the Champions League trophy, UEFA Cup, and the FA Cup twice during his time at Anfield.
Klopp said regarding the former Reds midfielder becoming the club's boss in the future (via ESPN):
"Oh yes I do, absolutely (think he will) The only thing is when is the right moment for that."
"I think that Stevie is doing really well and he's very young from a manager's point of view so it's just when is the right moment for him to take the job. Yes, I believe it will definitely happen and good for everyone."
It remains to be seen how much of an impact his demise at Villa will have on his credentials of potentially returning to Anfield as manager in the future.
A stint at a side like Wigan may give him the perfect opportunity to reestablish himself as one of England's most promising coaches.