Gerrard will officially start work as the new Rangers manager in June, having signed a four-year Ibrox deal last week.
Gerrard, a close friend and former England colleague of Rooney, will begin his tenure as Rangers manager in June, having signed a four-year deal at Ibrox last week.
And with the striker seemingly out of sorts at Everton, Gray, the former Celtic and England left-back, has speculated that Rangers' new boss could be the man to rescue him.
Discussing the next step for Rooney - who once told Celtic's website he has 'always followed' the Bhoys, and bought their kits for his children - Gray said on Tuesday morning: "Would he care if it was Celtic or Rangers? I don’t think he would. Steven is an attraction to anyone he’s played alongside.
"He wants to get it right at Rangers. And what a massive, massive signing - that would send out a message to the whole of the Scottish league
"You cannot write that off. There’s no way you can write that off - Wayne Rooney going to team up with Steven Gerrard. Steven is trying to build as strong a squad as he possibly can because he hasn’t gone there to fail.
"They’ve got to claw that deficit between Celtic and Rangers. And people like Wayne Rooney going up there would be such an attraction to other players joining Rangers - I think it’d be massive."
Rooney is reported to earn £150,000 a week at Everton, and wages are perhaps the most likely stumbling block in any Rangers move for the 32-year-old.
In response to that, however, Gray insisted that the Gers would 'find a way' to fund the move - should they wish to make it.
Could the Everton striker follow Gerrard to Glasgow Rangers?