An iconic figure of the modern era in English football has taken on a first managerial role at Ibrox.
He has been charged with the task of closing the gap to Old Firm rivals Celtic, with Rangers having had to rebuild over recent years on the back of much-publicised financial struggles.
Lennon, who claimed three league titles during his time at Parkhead, is not convinced, though, that the Liverpool legend can deliver immediate success in Glasgow.
The Northern Irishman, who is now in charge of Hibernian, said: "I think it's too early to say if Celtic and Rangers are going to go on and become the top two teams.
"There's obviously a significant improvement at Rangers - but for me it was not that major a job to do on the back of what wasn't a great season for them last year.
"They are investing, which is something the likes of ourselves, Aberdeen and Hearts can't do.
"But on any given day any team can be beaten. I still think Celtic will win the league. Whether the gap gets closer remains to be seen.
"Rangers will be firm favourites for second place but I don't believe in the hype.
"But when you sit down and watch the games, you think, 'Mmm... mmm. Not so sure'."
Gerrard has seen Rangers take four points from their opening two games in the 2018-19 Scottish Premiership.
That return has them sat third in the table, two points adrift of table-topping Hearts and one in front of Celtic.
He is due to get his first taste of the Old Firm derby on September 2 when the Gers head to Parkhead.