The former England midfielder will leave Al Ettifaq in 12th place, having won two of his last 14 Saudi Pro League matches in charge.
Gerrard has previously managed Premier League club Aston Villa and Scottish giants Rangers.
He won his first managerial honour with the Gers, claiming the Premiership title in the 2020/21 season.
It has been reported that Gerrard and Al Ettifaq will part ways by 'mutual agreement'.
More to follow...