The 39-year-old joined Rangers in the summer of 2018 after leaving his role as Liverpool youth coach for his first managerial post.
Gerrard has overseen a dramatic change in fortunes at Rangers, turning the Ibrox club into a bona fide Scottish Premiership challenger.
Gerrard has led Rangers into the round of 32 of this season's Europa League as well as the Scottish League Cup final, while in the league, the Ibrox side sit two points behind Celtic.
It's a far cry from the Rangers side which looked bereft of talent, passion and confidence prior to Gerrard's arrival, and as such, the Gers board has sought to reward and retain his services.
“From the moment I met Steven, I could tell that he was the right man to help us to drive this club forward on the pitch," King told the Rangers website. "He has an elite mentality and that is exactly what I was looking for.
“He is relentless in his desire to bring success to our club and we are delighted that he has signed this new contract, which shows his commitment to Rangers.”
Gerrard's backroom staff of Gary McAllister, Michael Beale, Tom Culshaw, Colin Stewart, Jordan Milsom, Mark Waller, Scott Mason and Graeme Stevenson have also renewed their contracts at Ibrox.
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