Former Rangers striker Boyd, who had two different spells at Ibrox, made the comments following Graeme Murty’s side’s defeat to Celtic at the weekend.
The Gers suffered an embracing 5-0 defeat to Old Firm rivals Celtic away from home at Celtic Park in the Old Firm derby on Sunday afternoon.
The result saw the Hoops clinch the Scottish Premiership title this season - their seventh championship success in a row.
Boyd has suggested that Liverpool legend Gerrard will have second thoughts about taking the Rangers managerial job.
Former Liverpool midfielder Gerrard, is a managerial target for Rangers, according to BBC Sport.
Meanwhile, former Celtic attacking midfielder Kris Commons has suggested that Gerrard should not accept the Rangers managerial role unless he is promised a lot of money to spend in the summer transfer window.
The Daily Star quotes Boyd as saying about Gerrard: “I think he will definitely be having second thoughts, there’s no doubt about it.”
Commons wrote in The Daily Mail: “I would not touch it if I was him - unless they said: ‘Steven, there is your £70 million to spend and you can have the final say on transfers.’ Otherwise, it is the biggest gamble ever.”
Second place in doubt
The defeat to Celtic has placed Rangers’ chances of finishing second in the Scottish Premiership under doubt.
Graeme Murty’s side are third in the league table at the moment with 65 points from 35 matches, three points behind second-placed Aberdeen and level on points with fourth-placed Hibernian.