Rangers chairman Dave King says the club have reached an agreement with Ally McCoist over the termination of the former Light Blues boss’ contract.
McCoist was placed on ‘gardening leave’ last December following his decision to tender his resignation after his relationship with the previous board broke down.
The former Rangers striker intended to work his 12-month notice period but after nine months the club, under new ownership led by King, have reached an amicable solution.
“We met yesterday [Wednesday] and reached agreement in about four or five minutes,” King said.
“We’re delighted that Ally has been generous enough to agree to the termination of the contract in commercial terms which are favourable to the club.
“I don’t know if he’s got another job to go to. I heard there is a possibility of that.
“But my real focus was on the Rangers situation. Could we do something that recognises the service Ally has given over the years.
“Ally is a hero, our all-time greatest goalscorer. We look forward having him and his mum back in the directors box. It’s where he belongs.
“I’m pleased it’s now resolved.”
Meanwhile, McCoist told the club’s official website: “Without doubt managing Rangers was the greatest honour in my career. It was the dream job but in a nightmare scenario.
“I am absolutely delighted the club now has a stable board and that the good work off the pitch is being equalled by the performances on it.
“Most of all I want to express my gratitude to Rangers fans everywhere. They were superb and they backed me and my staff. They also stood firm when their club was in dire straits and even at the bleakest moments they did not flinch.
“They are the heart and soul of this club and no-one should ever forget that. Quite simply, they are the best.”