Nerves are jangling, there’s no other way to put it.

But Rangers fans feeling their heart rate flutter at the notion of their beloved manager taking a hop, skip and jump to nouveau riche Newcastle should remain calm.

Of course, there would be an attraction in suddenly having the budget to shape football’s next superpower and reinvigorate another ailing giant who has suffered under a toxic association with Mike Ashley.

Any manager in the world, not currently in situ at one of an elite band of superclubs, would jump at the chance to bring trophies back to a success-starved Tyneside.

The blank canvas that will be offered to Steve Bruce’s inevitable successor will be the stuff of Football Manager dreams.

And you can also see why Steven Gerrard might be attractive to Amanda Staveley and her consortium.

READ MORE: Rangers boss Steven Gerrard favourite to take over as Newcastle manager

A young, forward-thinking coach who has already awoken a slumbering giant, punching above his weight in European competition and outfoxing a far better resourced domestic opponent.

While he lacks EPL experience, his football CV is impressive if they are looking for someone fresh and dynamic to lead a bold new era.

But more than that, Gerrard is an iconic figure with genuine global reach and renown. He ticks a lot of boxes for such a project.

That said, the links seem to be primarily coming from bookmaker odds rather than substantial reporting.

While the old adage about never meeting a poverty-stricken bookie remains a truism, these markets are such that a single punter can often change the odds with a single bet.

So the reality is, this plethora of Gerrard comment, that I’m now knowingly contributing to, could have been provoked by a bloke in his pants in Gateshead chucking a hundred quid at the Scouser’s name on a whim.

And there are numerous reasons why Gerrard is unlikely to leave any time soon.

He’s never departed a club midseason in his career and anybody that watched the superlative documentary film on his playing career knows he’s built his brand on stability and loyalty. He’s not a guy that does anything on a whim. And brand is important in this. For all the job’s attractiveness, Newcastle is a position that will involve a lot of time taken up in discussion about human rights abuses and the murder and dismemberment of a journalist. Anyone taking on the job will have plenty to deal with and we’ve already seen enough of the English media's reaction to know there are a lot of people who have serious reservations about Saudi Arabia’s Public Investment Fund suitability to enter into the Premier League.

READ MORE: Joe Rothwell scouted: Should Rangers sign 'mesmerising' dribbler who lacks 'conviction'?

The potential taint that could put on Steven Gerrard, especially in Liverpool, a city where firebrand, left-leaning politics are almost intrinsic, is one he would have to consider seriously.

Make no mistake, it’s the Liverpool job he covets, and any move elsewhere in England will have to be scrutinised as part of his long-term strategy to replace Jurgen Klopp.

There’s also the matter of unfinished business.

Gerrard took over with Rangers well adrift of a Brendan Rogers managed Celtic. He’s slowly reshaped the side with a limited budget to become the best in Scotland but he’s hardly established a legacy.

And while 55 was incredible, Rangers’ recovery from the calamity of 2012 won’t truly be complete until Zadoc the Priest is echoing around the four corners of Ibrox once again, with Europe’s elite in town.

Of course, that Champions League return and the riches it will bring can be achieved by winning the league this season, something the manager looks on course to do. His passion for the project was there for all to see at Ibrox last weekend as the victory over Hibs prompted a rare explosion of emotion.

There’s no doubt, like many others, Rangers has got under his skin in a profound way.

While Brendan Rodgers proved passion for a club comes second to cool-headed professional decision making, the Northern Irishman’s move to Leicester City was in keeping with his own ruthless sensibilities.

Had Rodgers been born with the talent and physicality of Gerrard, you’d have to doubt if he’d have turned down that famous, unfulfilled move to join Jose Mourinho at Chelsea that so nearly tempted Gerrard to the King's Road.

For Gerrard, loyalty seems to matter. Contracts seem to matter. His word seems to matter.

It seems to me, Rangers, for the remainder of the season at least, can rest easy about the future of their already legendary manager.

His Ibrox story has a chapter or two unwritten yet.