Graeme Souness has been linked with a return to Rangers as part of a takeover bid.
The 59-year-old was player-manager at Ibrox for five years from 1986 before he took charge at Liverpool.
Souness could be part of a British consortium or an international group who are trying to buy the financially-stricken outfit, according to the Daily Mail.
Singapore businessman Bill Ng was also thought to be back in the running with a takeover bid on Wednesday night.
