The government issued the threat after Celtic defender Boli Bolingoli failed to quarantine after travelling to Spain - before going on to play against Kilmarnock - and Rangers manager Gerrard has urged Scottish teams to pay attention.
The former Liverpool captain said: "It is a wake-up call and a strong message from the government and also a reminder of what could happen if mistakes continue to happen.
"It is a concern and it is a worry because if mistakes continue to happen there's no doubt that the football season will be cancelled. That's not what I want or what anyone wants at Rangers."
Gerrard revealed that the club will continue to remind players and staff to conduct themselves appropriately amid the coronavirus pandemic - especially after two Aberdeen players contracted Covid-19.
He said: "I don't think we're putting any extra measures in but what we are doing is going to remind everyone of our responsibility and our behaviours during this time.
"Up to now I think everyone's done extremely well here at Rangers. The medical department have been fantastic ever since lockdown really, keeping us updated of the situation.
"But it's just reminders really, to the players and to the staff, that we have to behave in the right way and keep doing the right things."