The 21-year-old England youth international was left behind in Glasgow while Gers failed to reach the Europa League last 32 after losing 1-0 to Rapid Vienna.
Gerrard admitted the midfield playmaker was “unsettled” at Ibrox after struggling to adapt to the physical nature of the game in Scotland.
Ejaria has often cut an isolated figure since moving to Scotland from Anfield on a season-long deal back in the summer.
And Gerrard now admits he may have to cut that loan arrangement short if the player decides he does not want to see out the campaign with Gers.
Asked if there was a danger that Ejaria may soon pack up and head back to Merseyside, he said: “That’s something I need to discuss with Ovie in the coming days.
“I had a chat with Ovie a few days ago and he’s slightly unsettled.
“Liverpool are aware of the situation – we’re in dialogue with them and I’ll have a conversation with Ovie on Friday and see where we go from there.”
Gerrard added that Rangers will need January reinforcements after their failure to beat Rapid Vienna.