STEVEN GERRARD has been installed as the favourite to become the next Rangers manager.

Bookmakers have slashed the former Ibrox boss' odds on returning to the gig, with pressure mounting on Giovanni van Bronckhorst.

Rangers exited the Champions League last night. They officially went down as the worst ever side to compete in the group stages.

The unwanted history came after six defeats from six games, 22 goals conceded and only scoring two in reply.

As a result, Betfair have Van Bronckhorst as odds-on to leave the club next year.

In turn, they have placed Gerrard as the early favourite to replace him. His odds have been made available at the short price of 2/1.

Other contenders to boss Rangers next include Michael Beale at 4/1, Sean Dyche at 8/1 and Gary McAllister 10/1.

Betfair spokesperson Sam Rosbottom said: “Rangers officially became the Champions League’s worst ever team after Tuesday’s defeat to Ajax, having lost all six group stage games with a -20 goal difference. It has heaped the pressure on manager Giovanni van Bronckhorst, who is odds-on at 4/7 to leave next year and 4/1 to go in the next two months.

“Van Bronckhorst’s predecessor, Steven Gerrard, is the 2/1 favourite to return to the Ibrox dugout, with Michael Beale 4/1 and Sean Dyche 8/1 to be the next Rangers boss.”

Kjetil Knudsen has been placed at 12/1, Michael O'Neill is available at 14s, while Chris Wilder is a 16/1 shot.

The odds for which year Van Bronckhorst will leave Rangers are; 2022: 4/1, 2023: 4/7, 2024 or later: 9/4.