The Belgian Under-21 international is out of contract at the end of the season but Rangers manager Michael Beale is keen to bring the player to Ibrox before the end of the January transfer window.
To do so, the clubs will need to agree on a fee, however, according to the Scottish Sun, an initial approach from Rangers has been rejected with the Glasgow side failing to meet the valuation set by Liege.
Rangers will now need to go back with an improved offer if they are to land the 21-year-old this month, or alternatively, attempt to secure the player on a pre-contract deal and delay his arrival until the summer.
Raskin has not played for Liege since November amid reports of a fall-out with former Celtic manager Ronny Deila, who is currently in charge of the Belgian side after a spell managing New York City FC.
Beale revealed Raskin came to his attention during his first spell at Rangers as first-team coach under Steven Gerrard.
"(Raskin is) a good player to be fair. A player I remember a lot from the time we played Standard Liège," he said last week.
"He missed the first game against Rangers the night Kemar Roofe scored that amazing goal if you remember but he played in the second leg and is a player I’m aware of, very good player, that’s obviously out of contract in the summer and is attracting a lot of attention."