Rangers have failed with a bid for Norwich striker Grant Holt.
The Ibrox club are seeking a replacement for leading goalscorer Nikica Jelavic,
who has moved to Everton
Holt, 30, is the Canaries captain and has scored nine goals in 23 appearances for Paul Lambert's side this season.
The powerful Carlisle-born striker has been at Carrow Road since the summer of 2009 after a
£400,000 switch from Shrewsbury Town
Rangers' failure to land a replacement for Jelavic leaves manager Ally McCoist short on striking options.
But club owner Craig Whyte insisted they had no choice but to accept Everton's bid for a player who joined from Rapid Vienna for £4m in August 2010.
"One, the player wanted to leave and there is no point in trying to keep a player who no longer wants to be at Ibrox," he said.
"Two, the club is simply not in a financial position to turn down offers for players which give the club a good return on its original investment."