Walter Smith insists Kris Boyd could yet have a future at Rangers, should his stalled move to Birmingham City collapse.
Boyd's advisors are currently at St Andrews in a bid to thrash out personal terms for their client, with the two clubs having already concurred on a fee in the region of £3.75million.
It has been suggested the striker's wage demands are proving a stumbling block and should a move fail to materialise, Smith is not ruling out Boyd staying at Ibrox.
"There is that possibility," Smith told the club's official website. "If they can't agree on the personal aspects, that is exactly what will happen.
"Currently, the clubs have agreed a fee and the player's representatives are in discussions with Birmingham with regards to personal terms of the contract - we await a decision from both of them as to what will happen."
No fire sale
Sir David Murray's decision to sanction the sale of Boyd has sparked fears of a fire sale at Ibrox but Smith echoed his chairman's assertion that would not be the case.
He said: "I think that chairman has made it quite clear that if we sold a player, Kris Boyd or any other, there would be no need for us to sell anybody else.
"That was clear in the articles he did this morning so if the deal does go through, then there would be no necessity for us to sell any other player."
However, should the Boyd move break down, it appears the likes of captain Barry Ferguson and goalkeeper Allan McGregor could be made available for transfer.