Speaking about the former Liverpool captain's impact, McCulloch said: "I think it will have a massive impact when Steven Gerrard walks into a room and talks to you. He'll gain instant respect from the players."
"Having spoken to a couple of players, they're already excited about Steven coming in. As I would be and any Rangers fan would be - to have such an icon as your manager," he added.
The Scotsman then went on to back Gerrard's potential as a coach: "He has been a leader of world class players before. He's set the standards and led by example. He can do that as a manager as well."
Speaking about the daunting Old Firm showdowns Gerrard will face, McCulloch said: "I think he will relish the pressure. He has been in a pressure cauldron for basically all his career. 100 and odd caps for England. He has played in some high-pressure games - Champions League finals."
"I don't think the pressure will get to him as much but the expectation level from fans might slightly surprise him."