Following Rangers’ Europa League win over Brondby, Gerrard was asked about the speculation.
And he told a reporter not to ask him 'silly questions’.
Newcastle are looking for a new boss to replace Steve Bruce after his exit from St James’s Park this week following the £305m takeover.
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Speaking after the 2-0 win, Gerrard, looking relaxed, replied: “Do I look happy? Do I look settled? Don't ask me silly questions then.”
Gerrard is currently in his fourth year with Scottish giants Rangers having guided the Ibrox club to their first Premiership title in 10-years by thwarting Glasgow rivals Celtic’s attempts to seal 10 league successes in a row last season.
Graeme Jones has been put in charge on an “interim basis” at Newcastle ahead of the game at Crystal Palace. Jones will be assisted by coaches Steve Agnew, Stephen Clemence, Ben Dawson and Simon Smith.