The midfielder has been an irregular presence in the Ibrox side since arriving in the summer from Leon in his native Mexico. He has started just six league games, coming on as a substitute in half a dozen more. He contributed four goals in those games, the last coming in the notable 3-0 home win over Aberdeen in November.
He now looks poised to join Cruz Azul, the club managed by Caixinha who was sacked by Rangers in October.
ESPN reported yesterday that a deal was “very close” as Caixinha looks to reshape his squad.
Nicknamed the Mexican Gullit, Pena struggled to live up to the sobriquet or the hefty transfer fee – believed to be over £2 million. A gifted playmaker, he seemed some way short of full fitness during his time in Glasgow.