Chief executive Charles Green wants Ally McCoist to lead Rangers's resurgence and hopes that he will manage the club for the next 25 years.
The Ibrox outfit slipped into administration, liquidation and thus the Scottish Third Division during McCoist's first 12 months in charge.
Reports earlier this summer hinted that the pair did not have a good relationship as on-field matters were influenced by off-field problems.
However, Green has insisted that he is a big fan of the Gers legend, who sacrificed his salary when the club struggled financially last season.
"There is no chance we would want Ally to leave the club. I want him to be here for the next 25 years. We would never let his contract finish. We're talking with him and his advisers about doing something," Green told the Daily Record.
"We have started speaking with him about being a major part of Rangers both as a manager and shareholder. Why shouldn't Ally be a shareholder? That would be important for him and his family."
"He was one of the first people to turn to Duff and Phelps and say, 'Don't pay me any salary'. Ally worked for free and I don't know any manager who has gone into their boss's office and said, 'I will work for free'."
McCoist scored over 250 goals in his 15-year Rangers playing career.
Joe Fish
