Villa saw their four-game unbeaten run fail to stretch to a fifth game at the weekend when they were beaten 2-0 by Chelsea at Villa Park.
The Midlands side have won just twice in the Premier League this season to sit in 16th spot and just a point outside the relegation zone.
There is big pressure on Gerrard, whose side are due to head to play Fulham on Thursday night, followed by a visit from Brentford.
Keys feels the writing is on the way for Gerrard at Aston Villa now though and revealed he has heard he is gone unless something dramatic happens.
And he insists he would be disappointed if Gerrard does lose his job as he admires him for entering management.
“I’m reading that Gerrard has two games to save his job. And it’s not the first time I’ve read that this season”, Keys wrote on his blog.
“Unless something dramatic happens now I’m told it’s over for him at a Villa Park.
“If that’s the case I’m genuinely sorry that it didn’t work out. I hope it still does.
“I’ve always believed that we need players like Gerrard to continue their careers in coaching once they’ve hung their boots up.
“We can’t give our game up entirely to school teachers.
“So I admired Gerrard for giving it a go.”
Gerrard will still hope to turn things around at Villa Park and back to back wins over Fulham and Brentford could transform the picture heading into a meeting with Newcastle United at the end of the month.
