McGregor on Twitter spoke of his delight at moving back to Rangers.
McGregor revealed he has yet to speak to Gerrard. 'I think it is a big coup for the club, ' he told Rangers TV.More news: Two Sudbury beaches can fly the Blue Flag
Gerrard formally takes charge on June 1 and McGregor is looking forward to a new era at Ibrox. "He is vastly experienced goalkeeper who we feel can add to the options available to us now". It's obvious that he is below the required level in the Premier League and it was hard to judge how he would have done in the club's promotion winning campaign previous year as he underwent heart surgery and missed a lot of action. He has been linked with moves to Nottingham Forest and Sheffield Wednesday.
He has a spell on loan at Cardiff City past year and has 35 caps at global level with Scotland to his name.
He's set to re-sign for the club from Championship side Hull.
He described the lure of returning to Rangers, where he believes he has unfinished business, as too strong to resist.More news: Man threatens to call ICE on workers speaking Spanish in NYC
The 38-cap Scotland global won three league titles, a hat-trick of Scottish Cups and five League Cup titles during his first Rangers stint. The two clubs also have some kind of working relationship between them already with Jamie Murphy on loan at Ibrox from Brighton. "To be back is incredible".
'I can't keep the smile off my face, ' said McGregor.
The 31-year-old is now thought to be interested in reuniting with Gerrard at Ibrox, but with Lazio reluctant to sell, it may be hard for Rangers to secure his signature this summer. You need to make this place a fortress.
"We'll see, no final decisions have been made".More news: Deutsche Reconfirms Lonmin (LON:LMI)'s stock rating to "Hold".
Edinburgh-born McGregor admitted he wondered whether he would ever get the chance to return to Rangers. I think it's a big coup for the club and I've watched his interviews and I saw the fans afterwards and it was an wonderful time for them. "But once you know there is a wee sniff that it could happen then it was exciting".