With Carlo Ancelotti leaving Everton for Real Madrid in the last few days, the club are now in the market for a new manager and are considering a number of options.
Gerrard is tipped to be in the frame for the role and is believed to be one of the names the club are considering approaching this summer.
But McCoist stressed that the former England midfielder has a good thing going at Rangers after winning the league last season and has much to look forward to Ibrox in the next campaign.
He indicated that there is no chance of Gerrard agreeing on a move south of the border to become the next Everton manager.
McCoist said on talkSPORT: “He has got Champions League football to look forward to. He is looking to get two-in-a-row.
“We have just, for the second in a year row, sold 44,000 season tickets.
“The club are going through the roof, he is on board, he is going into his fourth season, he won the championship in his third, he has got a board who back him and he is doing ever so well.
“Let’s be real, there is a better chance of me being Everton manager than Steven Gerrard.”
Gerrard is also likely to be reluctant to become the Everton manager given his legendary status at Anfield and the possibility of him succeeding Jurgen Klopp at Liverpool one day.