The 34-year-old expressed his intention to rejoin former team-mate Ally McCoist's side but the club must first resolve their dispute with the SFA over a year-long transfer embargo
Rangers are in talks with free agent Gennaro Gattuso over the possibility of bringing the Italian back to Ibrox.
Charles Green, who is leading the consortium trying to buy the Scottish Premier League side, says he will attempt to sign the former Italian international, who was recently released from AC Milan, once the Gers eventually pull clear of administration.
The potential new owner has held talks with the club's manager Ally McCoist and come to the decision that Gattuso, who played for the Scottish side during the 1997-98 season, could be a possible signing.
"[Gennaro] Gattuso himself came out publicly and said he would love to join Rangers and after the illustrious career he has had in Milan, that's great," Green told the club's official website.
"His agent came over and we met with him to explain the difficulties surrounding the club. To me, it's a massive positive he wants to come."
Rangers will be unable to sign any new players while they remain under a year-long transfer ban imposed on them by the SFA, but the club has taken action to try and overturn that decision.
"The SPL can't register any players because we are in administration and the SFA and the club have been in a very public dispute for some time," Green added.
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"However, the manager has identified a number of people from a playing point of view he would be interested in.
"The manager [McCoist] actually played with Gattuso years ago when he was here at the club in the late 1990s.
"From my point of view as CEO, we've sat with Ally and arranged a budget with him and should we be allowed to sign players, he will be able to do so."
Gattuso is currently a free agent after his 12-year spell at Italian giants AC Milan came to an end last season.