Rangers look set to be handed a cash boost after it emerged that Mexican side Cruz Azul will cover Carlos Pena's Â£20,000-a-week wages during the player's loan spell.

Graeme Murty says he did not kick Carlos Pena out of Rangers

The midfielder is set to complete a temporary move back to his homeland in the coming days after a deal was agreed between the two clubs.

According to the Daily Record, not only will Cruz Azul - now managed by Pedro Caixinha - pay Pena’s full wages for the rest of the season, they are also ready to part with £2million to sign the player permanently in the summer should he impress.

Carlos Pena is set to complete a loan move back to Mexico. Picture: SNS

Having shelled out around £2.5million to sign the Mexican international in the previous transfer window, it would mean Rangers would recoup nearly all of the money they spent on the Ibrox flop.

Pena has netted five times since his signing, but he’s otherwise failed to impress with a number of negligible displays at the No.10 position.

Cruz Azul to cover Carlos Pena's Â£20k-a-week Rangers wages - reports