And one of their first major appointments is 39-year-old former Scotland defender Martin, who spent time at Ibrox on loan as a player.
"From my time here, I had a taste of how special this club is, the expectation, the passion and the history," he said. "As I return, I'm determined to bring success back.
"I'm here to set standards, work hard and do my very best to earn the respect of the Rangers fans.
"There's a lot to be done, but the goal is clear: win matches, win trophies and give Rangers fans a team that they can be proud of.
"We want to play with bravery, to take the ball, to be aggressive, and to stand up in the big moments."
Martin's role is as head coach rather than manager - in keeping with Rangers' new set up with former sporting director Kevin Thelwell now in post alongside his former Everton colleague, Dan Purdy, as technical director.
He will be joined at Rangers by assistant Matt Gill and performance coach Rhys Owen. No further additions to the coaching staff have yet been confirmed.
Martin is expected to speak to the media later on Thursday.
Rangers chief executive Patrick Stewart, who led the head coach search along with Thelwell, said Martin was the "standout candidate".
The Ibrox club spoke to former Real Madrid assistant manager Davide Ancelotti and former Feyenoord manager Brian Priske, while former manager Gerrard and ex-Ajax head coach Francesco Farioli were among those also linked with the post.
"Our criteria were clear: we wanted a coach who will excel in terms of how we want to play, improve our culture, develop our squad, and ultimately win matches," Stewart said.
"This appointment is about building a winning team and a strong culture. He is no stranger to our club, we expect success and Russell knows that. We are excited for his leadership."
Thelwell suggested Martin's time in the Premier League "has sharpened his approach, both tactically and personally".
Giving an insight into what a Rangers team under Martin will be like, he added: "His teams play dominant football, they control the ball, dictate the tempo and impose themselves physically. They press aggressively and work relentlessly off the ball.
"These are all characteristics that we believe are required to be successful at home, away and abroad."
Match of the Day 2: Southampton sack Russell Martin
Colin Moffat
BBC Sport Scotland
Anyone who saw Martin play can attest to his steely competitiveness.
A gentle Sussex accent and impressive articulacy belie a turbulent upbringing, with his late father's violence and gambling leading to upheaval.
Martin has spoken candidly of a complex relationship with his Scottish dad, who vacillated between doting and controlling and pushed him and his brothers hard as their first football coach.
"My whole world revolved around proving him wrong and making him proud," he told The Times in November 2023.
He cleaned toilets before school and worked night shifts in a supermarket prior to his move into the professional ranks at the relatively late age of 18.
He also had to battle ulcerative colitis during his career, changing to a vegan diet to combat inflammation after experiments with acupuncture and Chinese herbal remedies.
Martin has never been afraid to go his own way. Could it be the right way for Rangers?
Will Martin be a success as Rangers manager?
