The Ibrox side will demand they receive £20million for the Colombian - no less than Celtic raked in from selling Moussa Dembele to Lyon.
The Frenchman was a record sale for Scottish football when he left Parkhead for Ligue 1 at the end of the summer transfer window last August.
Rangers’ managing director Stewart Robertson confirmed Morelos’ value when speaking at the Oceania Rangers Supporters Association convention in New Zealand.
He told fans: “We certainly rate him at least the same as Dembele in terms of value.”
The club are in a strong position with Morelos contracted until 2022.
With 28 goals this season, the 22-year-old has attracted attention from around Europe with the player confirming interest from England, France, Italy and Spain.
Rangers will look to hold onto the player however they are set to make a substantial profit on the £1million they paid Finnish club HJK Helsinki in the summer of 2017 for the forward.