Rangers manager Ally McCoist believes there is less than a 50 per cent chance the club will sign Mile Jedinak.
The Australian is available on a free transfer after leaving Turkish side Genclerbirligi, although nothing will be happening imminently.
McCoist insists there is plenty of work to be done before anything can be agreed and that, if anything, the deal is unlikely to happen.
"There's a little bit of work to be done there," McCoist told the club's official website.
"That will be a long road before that deal is either through or not through.
"There's a chance but I would have to say less than 50/50."
Rangers have also seen bids for Dundee United's David Goodwillie rejected this summer, but McCoist has not thrown in the towel.
Championship outfit Cardiff were thought to be leading the chase for his signature before cooling their interest in the rising star.
The club's new manager added. "No, I haven't given up."
Gers have also been linked with Tottenham's Jake Livermore and Bongali Khumalo and McCoist will be holding talks with Harry Redknapp.
The pair finished last season on loan with Leeds and Preston respectively and McCoist has plans to speak to Spurs' manager.
He concluded: "I've not spoken to Harry, but I will be doing that."