The clubs have agreed a transfer that will see the Ibrox side pocket an undisclosed fee from the English Championship outfit.
But have Rangers lost out financially on their short-lived acquisition of the Dutch-born Curacao internationalist?
The 24-year-old moved to Ibrox in August, signing a two-year deal, but no money exchange hands upfront.
Huddersfield paid £2m for Bacuna when they signed him from FC Groningen in 2018 and chairman Phil Hodgkinson explained how they hoped to recoup much of that fee from Rangers.
“With Juninho, we had interest from two or three clubs in the [January] window," he told Examiner Live last year.
“Rangers were interested in him back in January, they came back in and we ultimately did a deal where we didn’t get a transfer fee up front but we’ve actually done a really good deal.
“It’s appearance-based, European-based, with a big sell-on, we’ve got a significant sell-on, where we will ultimately at least get our money back.”
However, having barely featured for Rangers, making just three starts across 12 appearances, it is unlikely that the Scottish champions will have made a loss on the midfielder, with only a percentage of the transfer fee paid by Birmingham due to go to his former club.