Yes, that works. The later part of Gerrard's trigger does not require you to successfully exile his card to work. So if the card leaves the graveyard before the trigger resolves, you simply don't exile it (which is an impossibe instruction and thus ignored), but get to do all the rest. In would be a different case if the card said "if you do" for the rest to work, like many older cards do.
Gerrard's triggered ability returns to the battlefield the cards called for when it resolves, even if Gerrard can't be exiled because it has left the graveyard in the meantime, whether due to Gift of Immortality or otherwise (that ability doesn't say "exile it. If you do, return..." [C.R. 118.12]; compare Gerrard with Academy Rector [C.R. 108.1] and see also this thread) (C.R. 101.3, 400.7d, 400.2, 700.4).
EDIT: Edited after comment 4 was posted.
EDIT (Sep. 1): Add rule citations.
Assuming the Gift of Immortality ability resolves before Gerrard's triggered ability, this works because Gerrard's triggered ability returns to the battlefield the cards called for even if Gerrard can't be exiled because it has left the graveyard in the meantime (that ability doesn't say "exile it. If you do, return..." [C.R. 118.12]; compare Gerrard with Academy Rector and see also this thread) (C.R. 101.3).
Using it as a example of reanimating
And thanks guys very useful that makes him a whole lot better
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Basicly give gerrard something like Gift of Immortality like cards and if you stack it right you can do the exile clause without loosing gerrard?
If true how does it work?
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EDIT: Edited after comment 4 was posted.
EDIT (Sep. 1): Add rule citations.
Using it as a example of reanimating
And thanks guys very useful that makes him a whole lot better