New Kris Boyd contract yet to be approved, admits Rangers boss

• Walter Smith and Kris Boyd with their SPL Manager and Player of the Month awards today (SNS)

But the Ibrox boss stressed that does not necessarily mean the deal will be scuppered as a result of Lloyd Banking Group's involvement in the club's finances.

Top goalscorer Boyd is one of a number of players out of contract this summer, with supporters desperate to see him pledge his future to the Scottish champions.

Smith said: "It's not been ratified by Kris yet – that's the main thing.

"The other aspect of it is something where you have to wait until you know whether you have something to take to someone or not.

"We haven't had a situation where we have had an agreement with Kris or his agent yet. The other aspect of it doesn't come into play until that happens.

"Martin Bain (chief executive) is more involved with the people who are running the club at the present moment than I am.

"I just know that he has to sit down and try to ascertain what level of money each of the players we are negotiating with at the present moment want. Then, in all probability, we would have to go back and see if that ties in.

"The situation is that we have a budget that we have to stay within.

"It's a complicated aspect at the present moment and it's not quite as black and white as saying if Kris Boyd, or anyone else, accepts a contract, that we have to go and get that ratified and they can turn it down.

"It's not as simple as that. That's the situation and we all have specific problems at the moment that we have to try and overcome.

"The offers have been made with a view to re-signing players. We have the capability of doing that.

"We have to go through procedures now that we didn't normally have to go through before but that does not necessarily mean that we will not be able to re-sign the players.

"The offers have been made with a view to re-signing the players otherwise they would not have been made in the first place."

Boyd is recovering from a hernia operation he underwent in Manchester earlier in the week, meaning a delay in his decision whether to accept the offer on the table from Rangers.

Smith said: "With Kris being in hospital for a couple of days during the week, any decision has been put back a little bit.

"Today was his first day back in with us so I would hope we would hear from him shortly."

Rangers are also in the process of negotiating new deals with Kirk Broadfoot and Nacho Novo and Smith added: "The situations with Kirk and Nacho are fine. We spoke to their agents and, again, we await their decisions on that."

With Boyd out of action for several weeks and Kenny Miller suspended this weekend, Rangers will be without their prolific strike partnership for their Clydesdale Bank Premier League game at Hamilton.

Smith admitted: "When you look back to December and see how they were both playing, we will miss them.

"But it's an opportunity for others in the striking department to come in and get a game. Kenny is only going to miss the one match so he will be back for Tuesday's cup tie.

"Kris has not missed a lot of matches through injury so this is the first time that others will have an opportunity to show that they can come in."

Smith is expecting Kyle Lafferty, in particular, to make the most of Boyd's absence, with the Northern Ireland international having had little scope to play in his preferred position of centre-forward since his arrival at Rangers.

"It does give him an opportunity, with Kris being out, to play his proper position," said the Rangers boss.

"He is a centre-forward and he has never had a great opportunity to get a run as a centre-forward.

"This will give him an opportunity to get a few games and hopefully he can show what he can do."