Rangers owner Charles Green is allegedly drawing up emergency plans to move the Glasgow club to the English Football League.
The businessman has purchased the Ibrox club and is taking them out of administration, but there are doubts over whether they will be able to rejoin the Scottish Premier League.
Sources close to Green have revealed that he is planning to buy out a lower-division English club and take their place in the Football League should they be unable to return to the top flight north of the border.
The Mirror claims that League One side Bury are top of Green's list, as they could be acquired for a restively modest sum.
However, the club's chairman Brian Fenton denied that there has been any contact from Rangers or Green.
Rangers, who would continue to play their home games at Ibrox, are likely to encounter numerous hurdles should they push forward with plans to move to England.
The club will find out whether they will be reinstated into the Scottish Premier League at the beginning of next month, with the league's other teams voting over the matter.
