Walter Smith has opened talks with Rangers about a return to the club as a non-executive director.
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The legendary manager, who won ten Scottish Premier League titles at Ibrox, ended his second stint in charge of the club in 2011.
But the Daily Record are reporting that Smith is holding talks with chief executive Charles Green, with an announcement expected in the coming days.
Smith, 64, is yet to commit to any deal, but with the Rangers needing to raise funds for a share issue, planned for late November or early December, Smith's presence on the board would help to get fans onside and convince them that the club are in the right hands.
Other names lined up for a boardroom role include one-time Blue Knight, Ian Harte, and Edinburgh based hedge-fund expert Stephen Adams with Smith's decision believed to be crucial to convincing either to commit.
Smith was present on Wednesday as Rangers were dumped out of the Scottish League Cup by Inverness.