Deflated Steven Gerrard admits he needs time to think over his Rangers future after seeing Hearts dump his side out of the William Hill Scottish Cup at Tynecastle.
The Ibrox boss was crestfallen after witnessing his side falter again on the domestic front just three days on from their stunning display in Braga.
It means the former Liverpool skipper is staring at a second trophyless season since moving to Ibrox unless they can complete that unlikely march from the Europa League last 16 to glory in Gdansk.
Gerrard had hoped Wednesday's win in Portugal would provide the spark to turn around their flagging season.
But Oliver Bozanic's Gorgie winner means the Scottish Cup is gone, with the Ladbrokes Premiership title also out of reach after falling 12 points adrift of Celtic.
Gerrard confessed the Gorgie setback was the lowest point of his 20-month reign.
Senior Ibrox sources insist the Champions League winner is not considering stepping down but when quizzed on his future, the Rangers manager gave an answer that will leave the Ibrox faithful worried he is preparing to walk way.
"I need to think," he said.
"The plan was to have a day off. I need to think hard about where we are at as a group. I need to do some real, serious thinking in the next 24, 48 hours."
Asked if that would include his own future, he replied: "I just need to think. I need to think. I am feeling pain right now because I want to win here, I am desperate to win here.
"Looking from the side today, I didn't get the impression that the feeling amongst my players was the same.
"I am not doubting myself. We have given these players everything, me and my staff have given these players absolutely everything for 20 months, held their hand on and off the pitch and improved everything for them.
"But it is tough when every other performance you feel the way you feel. It is tough. I need to analyse myself, for sure. This is the toughest moment I have had since I have come here.
"I think it will be extremely difficult in the short-term [to win trophies] because of where we lie from a league point of view. We all know that we have punched above our weight in Europe so far. This is what I need to analyse in the coming days.
"I'm very disappointed. It's the lowest I felt since I came into the job by a long way."
Gerrard left out top-scorer Alfredo Morelos as punishment after he reported back late for training following a trip to Colombia.
But that did not excuse the display of the rest of his team.
"The performance was nowhere near good enough," said Gerrard.
"On Wednesday night I was the proudest man in Europe because to a man my players were outstanding.
"Everything we have worked on for nearly two years I could see it on the sidelines and I was proud as punch. It was an incredible performance.
"But today for 90 minutes I didn't recognise anything.
"It's my responsibility for that performance. I feel like I've majorly let the fans down today.
"It is not good enough. That is not what I am about. That will come on my shoulders."
Gerrard also addressed the Morelos situation and why he felt he had no choice but to drop the striker.
"Alfredo came to me, I'm not sure of the exact date, ten days or so ago and he said his mum wasn't feeling right so he asked for permission to go back to Colombia, which I granted at the right time and said he could go and sort his family problem out," he said.
"He left after the game on Sunday because he was suspended and I looked him in the eye and said 'you need to be back on Wednesday'.
"He said 'OK, I really appreciate that'. He returned 24 hours late and missed one of the key preparation days for this game.
"So I decided to go with people that had done the full preparation and that were desperate to be available for today. That was the decision I made. That is where that is.
"Do I feel let down? I think you should ask his team-mates that question. Only they can answer that.
"This is a kid who I have loved, and still do love him. He is a top player, he has scored a great volume of goals for us.
"But we all know from time to time what he does, what he is about. I couldn't forget players that are working ever so hard and that are desperate for an opportunity over people that have got discipline like that. I wouldn't do it because I wouldn't be true to myself.
"For sure [we needed him], there is no doubt about it. Would he have helped us? I'm sure he would. Would I have picked him if he was back on Wednesday? One hundred per cent."