Before the Scot wound up as a regular Sky Sports pundit, he had a pretty impressive managerial career, which started at Ibrox as a player-manager 22 years ago.
He took over at the age of 33 as his illustrious playing career was winding down and that’s led to comparisons between him and Gerrard, who takes on his first managerial job at the age of 37 after a career spent as a star player at Anfield.
Some will hope that Gerrard can have the same impact as Souness, who won a league title in his first season at the club and went on to add six more major trophies as Rangers began a period of sustained dominance over Celtic and the rest of their Scottish rivals.
But Souness believes circumstances are very different now and that makes it a much tougher challenge for Gerrard.
Asked about any similarities between the appointments by Sky Sports News, Souness said: “No, when I took the Rangers job, although they hadn’t won the league for nine years, it was going to be a lot easier for me.
“There was a substantial budget to work from. I was still playing, although I was past my best at 33. I still had something to offer for a couple of years.
“So, although there are similarities, it’s quite a different job today to the one I took all those years ago.
Souness was able to immediately invest in quality players to improve the Rangers team, such as Terry Butcher, Chris Woods, Trevor Steven and Ray Wilkins.
Obviously Gerrard won’t be able to bring in the same sort of quality, but he will get the backing of the Rangers board and that should make for a busy summer of recruitment at Ibrox.