Former Ibrox boss Pedro Caixinha targeted the midfielder after taking over as manager of Cruz Azul and the club’s sporting director, Eduardo de la Torre, has confirmed they are close to finalising a loan deal.
After a press conference, De la Torre was widely quoted in the Mexican media as saying: “We made a deal and we think it is very favourable for the club and player.
“He is a player that the coach knows, he asked, he knows what he can give him. It’s a position we talked about that could round off the squad, he’s Mexican, he’s 27 years old and he still has a lot to come.
“He’s coming as a loan and the player has to earn a lot of things here to continue and, if everything goes favourably, we will have an acceptable option for both sides.”
Former Chivas player Pena has scored five goals in 14 appearances since Caixinha signed him for Rangers in the summer but has generally looked off the pace.
Rangers are hoping to tie up the signing of Jamie Murphy before they fly out to Florida for a mid-season training camp. The Brighton winger arrived in Glasgow on Thursday for a medical.
Murty also has Michael O’Halloran back in his ranks following a loan spell with St Johnstone and hopes to secure the early return of Andy Halliday from a season-long deal with Gabala in Azerbaijan.