Balogun arrived at Ibrox in the last transfer window from League One club Wigan Athletic, putting pen to paper on a one-year-deal.
The centre-back has so far racked up 18 appearances across all competitions under Gerrard and the boss has been impressed with the defender’s contributions on the pitch.
Rangers have an option to extend Balogun’s contact for a further year in his contract and Gerrard revealed he is keen on the 32-year-old remaining at the club for another season.
The Gers boss added that Balogun is enjoying his football in Glasgow at present and decisions regarding extending his stay will be made in due course.
Asked about Balogun’s future, Gerrard told a press conference: “Leon is someone we want to keep a hold of.
“He’s performing ever so well.
“He signed a contract with the option of an extension and we want him to be here beyond this season.
“He’s enjoying it and he’s made the squad stronger.”
Rangers are set to travel to Pittodrie to take on Aberdeen in the Scottish Premiership on Sunday and Balogun, who helped the Gers register a clean sheet in their 1-0 win against Celtic last weekend, will be keen on getting another start.