A day after confirming his own contract extension until 2024, both McGregor and Davis have extended their contracts to 2021.
McGregor has made 29 appearaces for the club already this season and Gerrard sees his number one as a vital component of his squad.
He said: “We’re delighted that Allan has extended his stay with the club, committing is future to Rangers. He is someone who understands Rangers better than anyone and his experience is invaluable to the team.
“We want him with us moving forward and he will continue to be an integral part of this squad both on the pitch and in the dressing room.”
Davis re-joined the club on an initial six-month loan in January, before making the deal permanent in the summer.
Davis has made 43 appearances for the club since his return, scoring a memorable goal against Porto in the Europa League and Gerrard praised him as he commited his future to the club.
He said: “Steven is the ultimate professional, with lots of experience for both club and country. I’ve known about his quality for some time having played against him in England, and I’ve been delighted with his form for the club since he returned in January.
“With both Steven and Allan we have moved quickly to get the contract extensions agreed as a reward for what they have both done for us up until now and the contributions they will make moving forward”