Ortiz has made 13 appearances for Rangers, scoring once
Rangers have come to a verbal agreement with Spanish Second Division club Almeria that will allow Juan Manuel Ortiz to return there on loan.
The midfielder joined Rangers from Almeria in July but has barely featured and has gone to his native Spain.
The Glasgow club said in a statement: "Rangers are awaiting the paperwork to come through from the Spanish side before the loan agreement is completed.
"A loan deal until the end of the season has been verbally agreed."
Rangers are expecting the deal to completed on Monday evening.
Ortiz spent four years with Almeria before signing a three-year contract with the Scottish champions after the Andalusian side's relegation from the Spanish top flight.
The 29-year-old began his senior career with Atletico Madrid and had loan spells with Osasuna and Poli Ejido before moving to Juegos Mediterraneos.
He has made 13 appearances this season, only seven of them in the starting XI.