Gerrard recently left LA Galaxy after two seasons at the MLS club and could be set for a quick transition into management.
MK Dons recently sacked long-serving manager Karl Robinson and are in talks with the former Liverpool and England captain, according to British media.
The League One club have a history of giving inexperienced managers a chance in the job, having previously worked with Roberto di Matteo, Paul Ince and Robinson.
The 36-year-old says that he has a number of options on and off the field following his departure from the USA. Celtic and Newcastle are thought to be potential options should he want to continue playing.