Murty was given the reigns until the summer following the sacking of Pedro Caixinha in October.

But the Light Blues’ former under-20s coach has endured a roller-coaster ride since taking over the first-team, with his side’s wild swings in form doing his bid to retain the position long-term few favours.

Victory over bitter foes Celtic in Sunday’s William Hill Scottish Cup semi-final showdown could yet convince King’s board he is the man to lead Gers forward.

Dave King hailed Graeme Murty for providing "stability and progress". Picture SNS Group

However, in a statement to fans posted as the club announced their season-ticket drive for next season, the chairman could give no guarantee Murty would get that opportunity, only promising that he and his directors were determined to get their next appointment right.

• READ MORE - Graeme Murty making no assumptions about Rangers future

King told Rangers’ official website: “Over the last year we have made significant strides off the pitch, but the on pitch progress has not been satisfactory due to unplanned changes to the football management structure and the negative impact this had on the playing staff.

“Graeme Murty was again thrust into an extremely difficult situation and continues to provide the stability and progress that we need at this time.

King: "Rangers is synonymous with winning." Picture: SNS Group

“Graeme can be proud of what he has achieved so far. Also, we can expect further progress now that Mark Allen has settled in as director of football.

“However, on the managerial front I emphasise that the board fully recognises the need for sustained stability in this area of the club.

• READ MORE - Don’t leave Graeme Murty in limbo, Walter Smith tells Rangers

“Whoever is appointed must be able to meet the unique challenges of managing Rangers and ensuring immediate success.

“It is a priority that we commence next season with the best appointment we can make and that we move forward rapidly.

“Rangers is synonymous with winning and I want to repeat my commitment that neither I, nor any of the other directors, will consider our work complete until Rangers has been restored to the top of our game.”

Results released last month showed Gers had a £1.1million deficit for the final six months of last year.

But King says money will be found for whoever is in charge next term as the club look to put the brakes on Celtic’s drive for 10-in-a-row.

“It remains your board’s intention to provide the funding necessary to ensure the level and consistency required for a serious and sustained challenge,” King added.

• READ MORE - Graeme Murty reveals positive feedback from Dave King

“We must repay the loyalty you have shown over the last year during which almost 45,000 season tickets were purchased. This is an astonishing number and reflects the shared passion we all have for Rangers.

“This loyalty is not taken for granted by the board, each of whom remains steadfast in driving the club forward - irrespective of inevitable setbacks.

“No Rangers supporter, player or director should ever be satisfied with second best and your Board will do everything in its power to ensure you have the team and the club you deserve.”

Dave King hails Graeme Murty but no hints over Rangers manager's future