The Rangers boss stressed he has ‘big plans’ for the midfielder in the future.
McCrorie completed a season-long loan to Fratton Park on Friday after seeing off an attempted late hijack from Sunderland.
Some reports in Scotland suggested Kenny Jackett’s side could keep the 21-year-old at PO4 beyond the end of next term.
Gerrard firmly dismissed those rumours, however.
He stressed he has no desire to allow McCrorie to leave Ibrox permanently – and he’s moved the Blues to bolster his chances of becoming a first-team regular at the Scottish giants in the future.
The Liverpool legend told Rangers TV: ‘It is very important to clear some things or speculation that’s been in the media.
‘There is no deal for Ross McCrorie to go there permanently. It is a loan, a development loan to improve him because he’s our player and we want him here for a long time.
‘We want to help him try to get to the next level.
‘I could have been selfish and kept him here to be a squad player.
‘But maybe being a squad player won’t develop him or bring him along as quickly as we would want.
‘Hopefully he’ll come back with 40-50 games under his belt, a better player and ready to challenge the lads who have got the shirts.
‘He is certainly one of ours and we have got big plans for Ross McCrorie.’
Gers fans were left ruing McCrorie has been allowed to head out on loan after featuring 30 times last season.
But a desire to feature prominently rather than be a bit-part player’s is why the Scotland under-21 was given the green light to join Pompey.
Gerrard added: ‘I had a really honest conversation with Ross.
‘I asked Ross where he thinks he’s at and what he wants out of this season.
‘He is desperate to play 40-50 games and I agreed with him. It will be great for his development.
‘Portsmouth is a good club, Kenny Jackett plays the right way and the fans are demanding.
‘That’ll prepare him very well for the future here.’