Bordeaux made an offer of £3.75m for Morelos on Wednesday though this was immediately rejected by Rangers.
The French outfit are expected to make another bid for the player, as they search for replacements in their attack. Both Malcom and Gaetan Laborde have left the club this summer, to Barcelona and Montpelier respectively.
In response to the bids, Gerrard said: "It's the right decision to reject it, it's nowhere near high enough. It's a player we don't want to sell and have no ambitions to.
"Teams can't think they can knock at our door and pinch our best players for derisory bids. It's not going to happen.
"For me, I want him to stay. I want him to sign a new deal on improved terms and help the rest of us be successful moving forward.
"I'm wise enough to know that every single player on the planet has a price - but the message to Bordeaux is we don't want to sell.
"If they want the player then they need to show some respect and come blow us out the water with a massive, massive bid. Otherwise, don't pick the phone up."