Gerrard took charge as the manager of Rangers in 2018 and has had a productive spell so far, leading them to the Scottish Premiership title as Invincibles last season.
The Englishman’s work with the Glasgow giants has seen him being linked with a move to Newcastle, who are tipped to replace Steve Bruce with a new manager on the back of the takeover.
Gerrard has previously insisted that he will not manage an English club other than Liverpool, but former Scottish top flight boss Duffy feels he would find it difficult to turn down Newcastle if they come calling.
Duffy, who is of the view that Gerrard will be in contention for the Newcastle managerial job, says that the 41-year-old would be tempted by the opportunity rather than deciding to move because he is unhappy at Rangers.
“Sometimes managers get asked certain things and they say maybe things that people want to hear at times“, Duffy said on Clyde 1’s Superscoreboard.
“But, when the question is then posed to you, if he is asked, then I think it will be very, very difficult to turn down.
“It is not because he doesn’t like working at Rangers, it is not because he is not happy in Scotland, it is not because of anything to do with Rangers.
“It is just to do with the fact that he is going to go to the best league in the world in terms of finance and also have the resources to compete at that level, I think that is the biggest thing.
“Listen, we know it is just all speculation at this moment in time, but I think he’ll be one of the names in the frame.“
Bruce is expected to be sacked as the Newcastle boss this week and it remains to be seen if the Magpies intend to make a formal approach for Gerrard.