Kenny Miller could complete his return to Rangers from Derby on Friday.
The 28-year-old is expected to have a medical on Friday morning and could seal the move later in the day, making him the first player to leave Rangers and have a spell with Celtic before returning to Ibrox.
The Scotland striker left the Gers in 2001 to join Wolves and returned to Glasgow in 2006 with Celtic before moving to Derby last August.
Miller will also be reunited with Rangers manager Walter Smith and his assistant Ally McCoist, with whom he enjoyed success at international level.
"It's getting so close now and I'm thrilled at the prospect of working with Walter and Ally again after our time with Scotland," Miller told the Scottish Sun.
The proposed move has not been popular among a large number of Rangers fans, however, after Miller scored his first Celtic goal in their Old Firm win over Rangers in September 2006.
Miller then returned to the English Premier League last summer in a £3million move to newly-promoted Derby.
But the former Hibs trainee was unable to prevent the Rams being relegated with the lowest-ever Premier League points tally, scoring four goals in 30 league games.
Miller has now chosen the prospect of UEFA Champions League football with last season's Uefa Cup finalists ahead of the Coca-Cola Championship.
Smith is looking to bolster his strikeforce after being pipped to last season's Scottish Premier League title by Celtic and has also been linked with former Hearts forward Andrius Velicka, who is now with Norwegian side Viking Stavanger.