With the billionaire in talks with Charles Green about possibly buying a 10 percent stake in the Scottish club, the Ibrox boss has welcomed the potential partnership.
The billionaire is in talks with the chief executive Charles Green about a joint venture which would allow him to sell the club's replica shirts through Ashley's company Sports Direct.
Although Ashley's stake in the club has not yet been finalized, McCoist is excited by the prospect of the Newcastle owner investing in the club as it looks to rebuild following the recent turmoil at the club.
"If Mike Ashley is interested in investing in Rangers, then the fact of the matter is he looks to be a very successful businessman," McCoist told reporters. "It would be great to have people of that pedigree contributing to the club moving forward.
"I don't know enough about any proposed deal but I know Charles Green has been in meetings for two to three weeks now and I'm led to believe they have been successful meetings. So if we were to get a guy like [Ashley] with a proven track record on board then good. Our game against East Fife had to be delayed by 20 minutes to let the fans in, so you can see a lot of people have faith in the Rangers brand."
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