Rangers said they hope to be able to release details about Murty's successor "in the near future".
The gap between Rangers and Glasgow rivals Celtic looked as big as ever last weekend when the Hoops hammered them 5-0 to seal a seventh consecutive Scottish Premiership title while off the pitch the club still owes over £15 million in loans and recorded a £6.7 million net loss in their latest accounts.
The 37-year-old's only previous coaching experience has come at Liverpool, where he has spent almost a year managing the Under-18s side.
The 43-year-old Murty, who had been coach of the club's development squad, was appointed in December until the end of the campaign following the dismissal of Pedro Caixinha.More news: Eagles go TE on Day 2 of NFL Draft
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Rangers are locked in a tense battle with Aberdeen and Hibs to finish runners-up in the Premiership this season with both prize money differentials and the possibility of missing out on Europa League football at stake.
"Graeme has had to contend with hard and challenging circumstances but conducted himself in a thoroughly professional manner". He will take some time to consider his options, which include returning to his role at the Rangers Academy.
"He has cut his teeth at Liverpool with the young lads there and at some point Steven is going to step out of that and go into managing men, managing a first team".
Speculation over Gerrard becoming the Rangers manager has been rife in recent days, with BBC Sport reporting on April 29 that the Gers were confident of appointing him.