Stevie G's reputation may take a hit if it didn't work out, of course, but just look at Kenny Dalglish. King Kenny's second spell in charge at Anfield was far from rosy but his legend status remains unquestioned on Merseyside.
So what will Liverpool supporters make of the latest quotes from Bruce Arena - who has hinted Gerrard may well end up manager of the club he spent over two decades at, as reported by the Daily Mail among others?
According to the LA Galaxy boss, the midfielder is 'very studious' and will undoubtedly become a manager. And he has hinted that one 'can guess' where the 35-year-old will end up.
Arena told reporters: "His next step in the game is to be a manager, no question about it. He's very studious about what goes on.
"We talk about what he's done at Liverpool and we compare notes. He's going to be a manager after he leaves the game as a player. Where that's going to be, I don't know.
"I would love it if someone like that could replace me but I don't think it's going to be with the Galaxy. I'd guess he's go back to England and then you can guess where he might end up after that."
What a strange sight it would be to see Gerrard buying his own players one day and leading from the dugout rather than bombing forward from midfield.
But, when you think about it, could there be any next step more natural for the Liverpool legend - or the Anfield club itself?