RANGERS chief executive Craig Mather is in talks with former club director Dave King about a return to Ibrox.
Mather flew to Johannesburg to meet the South Africa-based businessman about a deal that would see King come back to the Rangers board.
In return, Mather is seeking a substantial investment in the club from King.
King would also be given a say in the running of the club under the deal that Mather is expected to offer.
The Glasgow-born tycoon became a non-executive director at Rangers in 2000, investing £20 million in the club.
King was prevented from investing in the club until recently because of a £45 million tax dispute with South African authorities.
The deal comes as the club heads towards an agm on 24 October that may give rise to more boardroom unrest. A legal bid led by former director Paul Murray and former chairman Malcolm Murray to position themselves on the board at the expense of Mather, finance director Brian Stockbridge, and non-executives Ian Hart, Bryan Smart and James Easdale is still ongoing. A court hearing scheduled for Monday will determine whether the motion will be added as an order of business at the club’s forthcoming agm.