The Gers manager likes the idea of pitting his wits against two former Premier League rivals, but he will not take up the Reds reins too early
Gerrard and Lampard formed the heart of the Three Lions midfield for more than a decade, with both men winning more than 100 caps before they retired from international football at the end of the 2014 World Cup.
And the pair both decided to go into coaching, with Gerrard currently impressing at the Ibrox helm in his first senior management job, having previously worked in the youth ranks at Liverpool.
Gerrard is delighted to see his former colleague prosper, particularly with Chelsea being frozen out of the market.
“I admire Frank for his bottle, leading Chelsea in the biggest league in the world during a transfer ban. I’m proud of him as a former team-mate,” he told the Mail on Sunday.
“There will naturally be a comparison to me and Frank because there was when we were players.
“Could we play together? Who was better? There is still an element of that but the reality is we are in two completely different jobs.”
When it was suggested that they could resume their former Premier League rivalry on the bench, Gerrard confessed he loved that idea – although he is not in a rush to take over at Anfield.
“I’m sure Frank has had the same thoughts. But I’d also love to become a rival to Jose Mourinho,” he added.
“I understand why [people assume I could take over from Klopp] because I was captain for so long and a large chunk of the fanbase would like me back at the club.
“But I’m bright enough to realise that, first and foremost, you have to be good enough. The owners need to think you’re the right man.
“If I got the chance [at Liverpool] I’d want to be best prepared. You can’t plan everything season by season. If things turn in months, you’d be out of work.
“Am I ready for the Liverpool job right now? Maybe not.”