Pena's time with the Gers is officially over. The club confirmed in a short statement on their website that the Mexican is no longer a Rangers player after his contract was torn up.
And when asked about the midfielder's departure on Tuesday, Gerrard confirmed that the decision to let Pena leave was not made by himself, but showed no sign of being disagreeing with the club's stance.
"This decision's been made above me by the board," he told the club's YouTube channel.
"Certain things happen at a club that are above a manager's head, and the decision's been made by Dave King and the board and I respect it and we move on."
Pena's exit has probably caught no Rangers fans by surprise. He had not played for the Gers since 2017, and he had barely managed to force his way into the first-team picture on a regular basis before that anyway.
So it must be beneficial for Rangers to be able to draw a line under the situation. Moving Pena off the books not only brings an end to any discussion surrounding the 28-year-old, but also frees up some wages which may help Gerrard at some stage further down the line.
And with Rangers boasting a large number of exciting midfielders, it seems incredibly unlikely that Gerrard's men will find themselves in a situation where they will rue the club's decision to let Pena go in future.
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