According to reports, the forward will pen a four-year deal with the Ibrox club and join in the summer once his contract with the Steelmen expires.
The 21-year-old has caught the eye in the second half of the season with seven goals in 14 appearances.
Despite the player being out of contract Rangers will still be forced to stump up a likely six-figure fee for the player.
As Motherwell CEO Alan Burrows explained, since Hastie is leaving under freedom of contract before his 22nd birthday the club are entitled to training compensation.
“I’ve made sure that even if we do lose players like Jake, we won’t lose them for nothing," he said. “How you do that is by making certain their contracts expire on or before the season of their 22nd birthday. If you do that then you will receive compensation
He added: “Fans want to know why Jake Hastie and the other promising youngsters aren’t tied down until 2024, but we’re just protecting Motherwell.
“Apart from anything else, not all of them will make it.
“If Jake decides to go, we won’t be left empty-handed after his ten years here. We’re still optimistic he’ll stay, but we’re aware he has other options.
"We’ve offered him a number of improved contracts, but when you’re doing well and scoring goals, your representatives can hold out for more.
“We’re now at the point where we’ve made him the best offer we possibly can within Motherwell’s wage structure, and we’ll see where that takes us.
“Because Jake’s out of contract he has a little leeway to be patient in terms of other suitors coming in for him.
“The nature of training compensation as introduced by Fifa means we cannot ever take that offer from the table, because if we were to do that we’d effectively lose our right to compensation.”
What happens next depends on the clubs. Rangers and Motherwell can agree a price for the player. If not, then the case will go to a tribunal and the Ibrox side could be forced to pay around £355,000, according to the Daily Express.