Gerrard has attained cult status at Rangers after winning their first league title in a decade and stopping Celtic from winning an unprecedented tenth Scottish Premiership in a row.
The Rangers manager’s work in Europe has also gained high praise and he is now being backed to create a real era of dominance by the Ibrox outfit going forward.
Former Celtic star Elliott put his partisan feelings aside and stressed the importance of the impact Gerrard has made since arriving in Glasgow in 2018.
He insisted that no one should underestimate the magnitude of the work the former midfielder has carried at Rangers over the last three years.
Elliott said on the Celtic Huddle Podcast: “As well as me being a Celtic man, more importantly, I am a football man and I know Steven Gerrard.
“And he has made a fantastic impact.
“We can’t underestimate the magnitude of what he has achieved in three years.
“He deserves a lot of credit and a lot of respect.”
With the league title in the bag, Rangers are now keen to go the league season unbeaten and win the Scottish Cup as well.