Having only spent a season coaching within the academy system at Anfield, the former England captain is preparing to head out on his own.
He will be at the Ibrox helm in 2018-19, with a first managerial post being filled at an Old Firm giant.
Gerrard claims to be relishing the challenges he will face, but former Gers defender and assistant manager Weir believes the task will be tougher than a modern-day icon thinks.
He told BBC Sport: "What the expectation should be is to get closer to Celtic, I think. Hopefully cup finals and potentially winning a trophy.
"But, realistically it'll be winning the league. I think that's always the case at Rangers, that's what the fans expect. That's what they want.
"Celtic are going for eight [titles] in a row, the panic button's starting to get pressed and it's a really difficult situation to be in but he looks like he's up for the challenge.
"It's a gamble on both parts. It's a gamble for Rangers because he's got a lack of managerial experience but it's a gamble for him because he's starting off in his managerial career chasing a really good Celtic team.
"It's a massive gamble, it's going to be really, really interesting. I think we're all fascinated to see how it pans out.
"We all know up here if you're not winning the league at Rangers then you're in a very precarious position."
Delivering on the field is the biggest task facing Gerrard, but he must also succeed away from it in order for Rangers to prosper.
The Glasgow outfit have already put deals in place for free agents Scott Arfield and Allan McGregor, but Weir admits more is required on a tight budget.
He added: "They need some experience, they need some sort of know-how to come into the league and both those lads have that.
"You could look at the squad and say the manager needs to improve in all areas to challenge Celtic but it's not easy done.
"Where do you get those players? How do you afford those players? You go to the Championship [in England], you're getting good players but they're on big, big money, and money probably above what Rangers are willing to pay now."