The Liverpool captain yesterday announced that he will leave the Reds at the end of the current campaign, with emotions running high regarding the 34-year-old's departure.
Gerrard is expected to move to an MLS side but the Telegraph report that Brendan Rodgers is already looking into the prospect of re-loaning the captain next January when he is available to return to Liverpool.
The 32-year-old is wanted across the Premier League but the Reds have reportedly been sounded out over a move for the former Tottenham man.
Toronto FC are said to want £6 million for Defoe but the striker is hoping the club will change their mind and allow him to move to Anfield on loan, something the Telegraph claim is more to Liverpool's liking.
Defoe has previously played at Tottenham, Portsmouth and West Ham and has also been linked with a move to Leicester City by the Guardian.