The midfielder flew into Glasgow on Monday morning to finalise his move to Ibrox after spending five years at Turf Moor, and the transfer was confirmed at midday.
Arfield chose to leave Burnley as his contract came to an end with the prospect of a new challenge under England and Liverpool legend Gerrard too tempting to turn down.
Having played in the Scottish league with Falkirk between 2007 and 2010, it is believed that Arfield will not struggle to adapt to his new surroundings.
"Gerrard, who made 710 appearances for his boyhood club during 17 years at Anfield, formally takes charge of Rangers on 1 June and said he was looking forward to getting started".
With the Premier League season now over, Burnley have given the green light for Arfield to be announced as the first signing of the Steven Gerrard era.
"I think with the size of this club you know how big it's going to be and I'm here now to try and implement that in the dressing room".
"I'm excited to work with Steven Gerrard - if you don't get excited by that you shouldn't walk through the front door". "With Gary McAllister as well, it's exciting and I'm so happy to be part of it".
"I was lucky enough to play against him (Gerrard) and it was one of the highlights of my career".
"He is one of the top three players of my generation".
"He is a talented and competitive midfielder who has competed at a high level in the English Premiership and internationally for Canada", the 37-year-old said.
'There is much more to be done, ofcourse, as we look to build towards our Europa League campaign which will start inearly July.