The 54-time Scottish League champions are set to pick up a 10-point penalty, ending any realistic bid to pip Glasgow rivals Celtic to the title this season
Rangers have lodged an intention to go into administration with the Court of Session.
The Ibrox club, winners of the Scottish title a record 54 times, lodged the notice in Edinburgh at Monday lunchtime. They now have five days in which to formally declare administrators have taken over the running of the club.
It is believed that solicitors lodged the papers with the Court of Session on behalf of the club's directors.
Rangers are currently awaiting the result of a £49m tax case with HM Revenue and Customs, in relation to the club's use of the Employee Benefits Trust to pay players and staff.
The club’s manager, Ally McCoist, has previously spoken of the need for clarification regarding the tax issue.
"What we all need is clarification on what's happening so that we can move forward" said McCoist in early February. "The uncertainty regarding this tax issue is the biggest problem that we have.
"You could use the word 'crisis' in terms of the tax case, but we need to know one way or another where it stands and what we face so we can deal with it and move forward."
On the field, the club are currently locked in another battle for the SPL title with bitter rivals Celtic. However, the club's financial problems are well documented and lead to star striker Nikica Jelavic's sale to Everton in January.
Should Rangers head into administration, then the resultant 10-point deduction would all but kill off their title chances, putting them 14 points behind leaders Celtic.
The Court of Session has confirmed to STV that papers declaring the intention to appoint administrators had been received by Rangers.