The 2016 Premier League winner has signed up for Gers title push after being given the green light by former the Celtic boss to make his season-long Ibrox move.
Gerrard admits the Light Blues would have struggled to match the wages the 30-year-old Wales international was earning at the King Power Stadium.
But he paid tribute to the Foxes for making the deal possible after watching his team cruise into the Europa League play-off round after completing a 7-3 aggregate win over Midtjylland.
Gerrard said: “This came very recently. We thank Leicester for the opportunity because you and I know from a financial situation there is no way in the world we can bring Premier League players in here.
“But when this opportunity came up I wanted to get it done and get it done quick because it was a fantastic offer we had to grab. It made total sense in every shape and form.
“I jumped at the chance for numerous reasons. One, he is a winner, a Premier League winner. Two, because he has had numerous caps at international level. Over the course of the last 14 months I have been trying to build a squad but a lot of the guys are very young – they need leadership and guidance in the dressing room. So It was a no brainer.
“He is hungry to play, he got an injury last year which frustrated him a lot. I spoke to him and he understands he has to work hard. But for the club and myself it is positive news.”
Speaking to RangersTV the midfielder said: “I am delighted to be here, I think the size of the club and everything like that and the manager here speaks for itself.
“I had a few other options but when a club the size of Rangers come in then it makes the decision really easy.
“The size of the club, the fanbase, the chance to work with the manager, who I watched a lot growing up and plays the same position as me, are all massive factors and it’s a new experience for me.
“I spoke to the manager, he said to me about his outline plans for this season and it was a no brainer. The minute he calls you on the phone you want to come and play.
“The pressure is something I am looking to try and thrive under, you want to play football in front of full houses, you want to play in big stadiums like what we have here and you want that stadium to be loud and packed out.
“That is probably one of the main reasons why I wanted to come and play here and show the Rangers fans what I can do.”
Rangers to sign Leicester man as winger reveals how team are bonding – click here