Rangers have confirmed to the Stock Exchange that manager Ally McCoist has resigned and entered a 12-month notice period.

The 52-year-old tendered his resignation last week, but there had been no official word from the Scottish Championship club until this morning.

In a statement released to the Stock Exchange, the club have confirmed that McCoist's wages will increase to £750,000 per year during the notice period.

They added that the club's directors will hold discussions with the Scotsman, who has been in charge of Rangers since 2011, to seek an "amicable solution".

The statement read: "The company announces that Alastair McCoist, manager of the first team squad, has resigned. His service contract dated December 28, 2010, which was subsequently amended, has a 12-month notice period.

"The directors will hold discussions with Mr McCoist to seek an amicable solution in the best interests of the company, and expect to be in a position to make a further announcement before the end of the week. During the notice period, Mr McCoist's salary will increase significantly to GBP750,000 per annum."

The confirmation comes following Friday's 2-0 defeat to Queen of the South.