Just when the Scottish media had been drawn into a "Steven Gerrard returns to Rangers" frenzy, the former England midfielder withdrew from the process as the Scottish Premiership club seek a new head coach.
The timing of the move, with Gerrard having left Saudi Pro League club Al Ettifaq in January, is believed to be behind the decision.
Having initially held positive discussions with the former Aston Villa boss, Rangers are left looking elsewhere for a successor to the sacked Russell Martin.
But how have Rangers fans, many of whom had pressed for Martin's exit, reacted to the news and who do they want to now fill the hotseat?
Wasted seven days or lucky escape?
Rangers fans seem united in their shock at Gerrard's decision but split about whether it is a good or bad thing for the club, with chairman Patrick Stewart, sporting director Kevin Thelwell and the new American owners also under scrutiny.
Brian: Hugely disappointed with Gerrard's decision. I felt energised at the prospect of him becoming manager after the debacle of Russell Martin's tenure, when I'd just lost all hope and belief in the club. We are now left in this vacuum of hopelessness where I feel lost.
Jeff: Everyone is really upset that it's not worked out with Gerrard, but most likely this is because they're focused on their corporate set-up. This director of football role is actually hurting the club. We're forced to look to inferior set-ups to make sure we can ensure that the director of football gets his position strengthened.
Alexander: Gerrard obviously knows that Rangers are in a bad place right now and, no matter what, he would be unable to lift the team. The next manager is going to have to build the team up from their confidence and fitness levels to get the team back to basics in how to defend and, more importantly, how to play as a team. Setting a new standard of performance will be crucial to getting Rangers back on track.
Kenny: There were doubts in my mind whether he could repeat the success he had initially with us. He had that impetus carry over from his playing days that brought passion and confidence to the players. That has a shelf life. His backroom staff were very important to his success.
Craig: So Gerrard only wants to manage a club able to compete as that's best for him. What he's really saying is "I am unable to improve a team or players as I'd be out of my depth and don't have the necessary skills to do this".
Callum: Anyone asked to come in and manage the club will now know that they weren't first choice. If, as has been reported, Thelwell and Stewart were the stumbling block then the obvious solution is to sack that pair and invite Gerrard back for more talks.
Andrew: "Timing" seems a convenient excuse. Surely he knew timing was bad at the start of the week. It sounds somewhat like he doesn't buy into the owners' plans, which is potentially slightly concerning. If the owners have pushed him away, that's pretty poor.
Robert: Gutted. There is obviously more to it than timing as why would Gerrard have flown half around the world to speak to the club? There needs to be clarity on the reason he turned us down.
David: Gerrard is not the manager Rangers need right now. He was also the one who walked away from Rangers. The board must be held responsible and fans have no faith in them.
Kenny: Probably for the best. Looks like he thinks he's better than his record actually is. Don't think he's in a position to dictate when he picks up the role. Rangers now have the name of a sack-happy club.
Stewart: Unfortunately, our club has now wasted seven days pursuing Steven Gerrard. If he had doubts, he should have pulled out earlier.
Joss: He never intended to take it. Just wanted the opportunity to knock it back, as if he might have other big offers on the horizon. I don't believe there are a queue of big clubs looking to secure his services.
Tim: Terrible optics yet again coming from the club. Supporters are losing faith in the owners and the people they appointed. Whoever becomes manager will have to start winning very quickly.
Stuart: I'm surprised at Gerrard. Does he think he'll go on to manage a big club in England fighting for honours? Highly unlikely. I wasn't fully behind him. I believe anyone we get will be hit and miss with the players available at Ibrox at the moment.
Philip: I think both Rangers and Gerrard have dodged a bullet here.
Tommy: Guess we have to realise that we have to move forward from Gerrard. Twice turned down now and it makes a mockery of Rangers as a club.
William: A shambles again. They had plenty of time to get decent candidates. The board are a disaster. Back to the drawing board.
Keith: It's a shame, but who can really blame Gerrard? Rangers are a shambles currently.
Thom: The Rangers job is a poisoned chalice. No straight minded person would entertain taking the reins. Even great coaches have been forced from post.
No consensus over next manager pick?
Former Sheffield Wednesday boss Danny Rohl is reportedly the new favourite, but there appears to be no consensus about who Rangers should turn to next.
Heart of Midlothian's Derek McInnes, St Mirren's Stephen Robinson, Livingston's David Martindale, former Liverpool boss Rafael Benitez, Coventry City's Frank Lampard, former caretaker Barry Ferguson, St Johnstone's Simo Valakari, former Wolverhampton Wanderers boss Gary O'Neil, former Everton manager Sean Dyche, ex-Aberdeen boss Neil Warnock, Marco Rose, formerly of RB Leipzig, Bodo/Glimt's Kjetil Knutsen, Shanghai Port's Kevin Muscat... take your pick.
Graeme: I'm worried what message Gerrard's decision will send to other potential interested potential candidates and fans. Is it about available funds not being there for strengthening the squad? I'd love to see Benitez come, but I suspect another second-rate manager is on the cards.
Mark: Why not look nearer to home - Stephen Robinson or David Martindale? Both solid performance. Gerrard left, so he should not have had the chance to come back. Or, if you want top notch, Rafael Benitez is free.
David: I am glad he turned it down. Never forgiven him for leaving like he did last time, nor will I ever. Danny Rohl is the man for me.
Donald: Not to keen on Steven Gerrard coming back, plus Russell Martin has ruined the team as he brought in too many duds. Derek McInnes was my favourite, but it won't happen this time round.
Kenny: I'm sure Gerrard will return as Rangers boss one day. It looks like financial restraints are too much for him at this time, which is fair enough. However, the Rangers directors need to get it right this time. We need someone with experience and a proven track record.
Jeff: If Lampard, McInnes or Ferguson are not announced, it's going to be Groundhog Day, but it'll be the board as well as Stewart and Thelwell who will come under pressure this time.
Douglas: Simo Valakari would me my top choice. He has and is proving his ability in Scotland at St Johnstone with an enjoyable brand of football. Rangers should give him the opportunity before another club from England or Europe steps in.
Edward: Barry and Neil [McCann] and Billy [Dodds] and Allan [McGregor] should be back as soon as possible. They did well in difficult circumstances last season.
Martin: Gary O'Neil is a good person.
Tam: Derek McInnes or Barry Ferguson are the only two that know Rangers and Scottish football.
Nigel: Deflated. I think he would given everyone an immediate lift. Any manager we appoint now from the current names suggested would involve a settling in period trying to win over sceptics, which is how Martin started. McInnes or Ferguson for me.
Susi: They need to appoint someone who is not just in it for the money. They need to have a bit of passion about the club.
Frank: Never wanted Gerrard back. Said he wants to return to management with a club expected to win trophies as he believes that suits him. That's why he left for Aston Villa, then the Arab League - really? Should never have been considered. Potter is available and, given a five-year deal and left to get on with it, would be successful.
Guy: Good decision by Gerrard. The players are poor, don't like criticism and the fans toxic and no sort of leadership from the owners. I like Rangers, but if you are a progressive manager, you don't touch. The people who sort the club out in respect of managers are Dyche or Neil Warnock - they need strong leaders who won't take crap from over-rated players.
Ruaridh: I'm astonished that nobody seems to be mentioning Stephen Robinson for the Rangers vacancy. He knows Scottish football inside out and has always produced good footballing teams (and encouraged young talent) without having huge amounts of money to spend. He's just 10 minutes down the road too! We don't need a high-profile manager. We just need a good manager and Stephen Robinson is exactly that.
Peter: Surprised. Disappointed but certainly not gutted. For me, Derek McInnes was and remains the clear number one choice, so hopefully Rangers now push the boat out to get him. Possibly a blessing in disguise.
John: I never understood the desperation to get Gerrard in. His profile was the only aspect, because I do think they need a big character/name. Rohl is a gamble. They need a Lampard or Southgate to come in.
William: I'm in the minority. I'm glad as it took him three years to win a title. We need a Graeme Souness -type manager who won't let players just turn up to get their huge salaries. A hard, experienced pro.
David: I have said all along that Barry Ferguson and his staff is a natural selection to be manager. He has the commitment, the passion the respect of players and fans and the ability to mould a successful team to challenge Celtic.
Ally: What they should have done in the first place and try get Derek McInnes. If he doesn't want to leave Hearts, it's got to be Barry with his same team again. They will set us up properly and go back to what Rangers used to be and have a strong Scottish base who know the league and the pressure playing for Rangers will bring.
Bill: If Ange Postecoglou is sacked at Nottingham Forest, Rangers would be mad not to take him on board. He has a fantastic proven record in Scotland and is a brilliant tactician and man-manager. Would the owners be brave enough?
Boaby: Personally I would go for Marco Rose, although there is no guarantee he would be interested. The obvious alternative is Mr McInnes, who had Walter Smith's endorsement, which is more than good enough for me.
John: I'm actually glad Gerrard turned down Rangers. He's not what Rangers need. It's understandable to want to go back to the guy that last won something for the club. But he didn't take the club forward. Steve Cooper can and would take Rangers forward. Yet he's never been considered or even linked to the position.
Chris: So glad Gerrard is not coming back. Let him go somewhere else to try to get his mojo back. Only one trophy winner in the names being banded about. Appoint Kevin Muscat now please and don't consider the other mediocre "did well from limited resources or staved off relegation" candidates please.
Euan: Don't believe the statement for a minute. If timing wasn't right, why commit to the talks in the first place. Senior exec team at Rangers are displaying a concerning lack of football knowledge, fishing in a small pool of the footballs' unemployed/recently sacked. Why not be bold and try and tempt Kjetil Knutsen from Bodo/Glimt or someone else who is actually currently doing a good job?
Callum: Whilst it would have been good to see Stevie back, we need a manager with experience to turn the squad around. So long as it is not another Martin-esque appointment like Rohl.
Ian: I think Rangers should seek out Billy Davies for their next manager. He has a good record as a manager and was a good player for Rangers and knows what it means to play for them.
