The 22-year-old Colombian recently earned his first senior call-up for upcoming friendlies against Argentina and Venezuela.
According to the 'Daily Mail' Rangers could be forced to reject offers from Ligue 1 clubs before the closure of the transfer window.
Ligue 1 club Bordeaux had a £3.75million bid rejected, with Gerrard calling it "derisory".
However, Morelos remains on their radar, while two other top tier clubs have also been reportedly interested.
Gerrard has said that it would take a "massive, massive" bid to lure Morelos away the Ibroz.
The striker was already handed one pay rise in March, after the club turned down a bid from Chinese side Beijing Renhe.
Gerrard has urged the club to make Morelos their top priority:
"I hope the club realise the importance of the player. In an ideal situation, we stick by him and renew his contract."