Former Sheffield United chief executive Charles Green is reportedly the frontrunner to take over at stricken Rangers.

The businessman is believed to be leading a consortium in the running for the former Scottish Premier League champions, according to Sky Sports News.

The mystery London-based group entered the fray following news that Craig Whyte had agreed to transfer the majority of his shares to the parties involved.

The Gers' administrators from Duff & Phelps confirmed earlier today that a fresh bid from the Blue Knights consortium and Brian Kennedy was rejected, which indicates that Green's group could be successful in their bid.

The administrators, who have yet to confirm this development, are believed to be considering two other offers for the struggling club.