Foden is seen as one of England’s brightest young talents having made his debut for the Premier League champions as a 17-year-old in 2017.
However, he has struggled to break into City’s star-studded line-up on a regular basis since.
The England Under-21 international made 13 Premier League appearances in 2018-19, managing just three starts.
His only senior action this season came as an 89th-minute substitute against Liverpool in the Community Shield and a further 10 minutes off the bench in the Premier League against West Ham.
That sparked rumours City could let the 19-year-old leave on loan in order to gain first-team experience.
Reports in the media over the weekend suggested Italian side Roma had seen a loan offer rejected while Rangers were also rumoured to be considering a move, but Gerrard was emphatic in his response to those reports.
“I don’t think Pep Guardiola is going to let him go anywhere,” said the Rangers boss. When asked whether Rangers were in for Foden, he replied “No.”
With the Scottish transfer deadline closing on Monday evening, Gerrard revealed that a number of players could be moved out on loan.
He also doubted the chances of any new faces coming into Ibrox, but would not rule anything out.
“There could be a few outs,” added Gerrard. “We are trying really hard to help and support the players who want to go out on loan and play football. So there could be one or two outgoings.
“In terms of incomings I’d be very surprised but while the window is open who knows.”
Rangers suffered their first defeat of the season on Sunday when rivals Celtic came away with a 2-0 victory in the Old Firm game at Ibrox.
Odsonne Edouard opened the scoring for Neil Lennon’s side in the first half with Jonny Hayes sealing the points in the stoppage time.
The result leaves Rangers in second place in the Scottish Premiership, three points behind champions Celtic.