Rangers have yet to meet Aston Villa's valuation of Carlos Cuellar, but may return with an improved offer.
The reigning SPL champions are understood to have opened with a £1.5million bid for the Spanish defender.
That has been snubbed by Villa, with the Premier League outfit keen to bring in around £3million.
Rangers are expected to return with a second offer for a player they sold to Villa for £7.8million in August 2008.
Cuellar is currently struggling with a knee injury, but that has not put new Gers boss Ally McCoist off and he is set to ask owner Craig Whyte for the required funds to land the 29-year-old.
On the matter, Whyte said: "We've made a bid for Cuellar, but, with their managerial change, it has slowed there a bit."
New Villa boss Alex McLeish is reluctant to sanction any more sales at present, with Ashley Young edging closer to a big-money move to Manchester United.
He could, however, be tempted to cash in on Cuellar should his valuation by met, as those funds could be put towards further reinforcements.
Villa are chasing a number of targets, but Borussia Monchengladbach midfielder Michael Bradley, who spent time on loan at the club last season, will not be returning as McLeish has opted against completing a £2.5million deal.