Jamie Redknapp believes former team-mate Steven Gerrard should not wait too long before making his next move.
Gerrard, who announced his retirement from professional football on Thursday, turned down the chance to take the vacant MK Dons job, admitting the opportunity came too soon.
Redknapp told Soccer AM he believes the former Liverpool captain is keen to move into coaching, but may look to take time out before making a decision.
"No disrespect to MK Dons but I think he needs to have a bit of time away now, to enjoy some time with his family," Redknapp said.
"He needs to enjoy a bit of freedom, but I would say don't wait too long before you make your next step."
The Sky Sports pundit said Gerrard's glittering career - during which he won two FA Cups, three League Cups, a UEFA Cup and Champions League - is no guarantee of a successful transition into management.
"It's difficult because a lot of people think because you were a great player, you're going to be a great manager," Redknapp added. "It doesn't work like that anymore.
"A lot of the managers have got 10 or 12 years' experience ahead of the players. You look at Jose Mourinho, he didn't play at the top level, and he was already doing his coaching badges at 21, 22 years old.
"He was working behind the scenes and that's a massive advantage over people like Steven Gerrard who are coming out of the game.
"I know he has done a couple of coaching badges but it doesn't mean you're automatically going to be a great manager.
"We have seen so many cautionary tales, people who have come out and tried to become great managers.
"You have to take the right job, you need a chairman that trusts you and wants to give you money and an opportunity because before you know it, you were a great player with a great legacy, and then you get the sack and it can all go wrong."
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