Graham, appointed as a non-executive director on Tuesday, apparently sent the tweet to Anjem Choudary on the day of the Charlie Hebdo attack.
It is alleged that on 7 January, shortly after two gunmen had shot dead 12 people at the offices of the French satirical magazine in Paris, the radical preacher sent a message on Twitter.
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Hide AdIt read “freedom of expression does not extend to insulting the prophets of Allah, whatever your views on the events in Paris today!”
Mr Graham is understood to have replied by sending a cartoon depicting the prophet Mohammed engaged in a sexual act with a message reading: “You probably won’t like this one...then”
His Twitter account is now restricted from public view.
Mr Graham, 38, is known among fans for representing the Rangers Supporters Trust and running the Rangers Standard website.
A spokesman for Rangers said: “We are unaware of this but we will look into it.”
South African businessman Dave King took control of the club last week.
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