Gerrard, 36, has been linked with a host of clubs following his exit from MLS side LA Galaxy last week, including a potential move Down Under to join Victory.
However, Muscat - a former Crystal Palace and Millwall defender - insists there is "no chance" of that happening.
"We've been contacted in relation to a few players, but any discussions with those players will remain confidential obviously.
"But at this stage there's no chance, no."
Gerrard's future has been the subject of much speculation as he continues to get linked to clubs in both a coaching and playing capacity.