Walter Smith reacted coyly to reports Rangers are trying to sign Marcus Bent, who is currently on loan at Wigan Athletic.
The striker has been linked with a January switch to Ibrox after scoring seven goals in 19 Premier League appearances this season.
But, having also played for parent club Charlton Athletic this term, current Fifa rules would prevent Bent joining the SPL leaders.
"I think you will find, if you look back on Mr Bent's season, he may have played for two clubs already this season," said Smith.
However, Rangers striker Daniel Cousin is in a similar position regarding his proposed move to Fulham and a thumbs-up from Fifa on that deal could facilitate a swoop for Bent.
Regarding the rumours, Gers boss Smith continued: "You are free to speculate.
"We are actively looking for players who we think would improve the team and I've said that right from the very start of the transfer window.
"If we can find a player who we think can improve the team then we will endeavour to try to get them.
"So far, that has been a tough task. Clubs don't want to let good players go at this stage of the season. That's where we are at the moment in a situation where you are free to speculate."
Smith is looking to sign a goalkeeper, which would allow Roy Carroll to complete his move to Derby County, and is tipped to land Dundee United's Grzegorz Szamotulski.