Rangers have slipped off the pace in recent weeks, and sunk 10 points behind Celtic in the league standings.
Gerrard is now under some pressure at Ibrox, with fans understandably disappointed with their side’s failure to keep pace with their main rivals.
But Walker thinks that Rangers' only option is to back Gerrard and hand him more funds to spend at the end of the season.
"If Rangers want to improve they have to stick by Steven Gerrard and they have to give him a bit of money to spend,” Walker said.
“Rangers need more quality, the type of quality and strength in depth that Celtic have.
“I think if Rangers want to match Celtic they have to stick by Steven Gerrard and give him money to get more quality in.”
Rangers have won just two of their last five league games, while Celtic have been in great form, which has allowed Neil Lennon’s side to pull away.
When Rangers won the most recent Old-Firm derby there was genuine hope that they could end Celtic’s dominance, but the gruelling demands of the season seem to have caught up with the Light Blues now.
Rangers were beaten 2-1 by Kilmarnock in midweek, which could end their hopes of stopping Celtic from winning nine league titles in a row.
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