Rangers could unlock a permanent transfer deal for a key star at under £1m, it’s been claimed.

The Light Blues signed James Penrice on loan from AEK Athens in the summer transfer window and he has been a revelation for manager Derek McInnes. He has shone both at left-back where he naturally performs and more centrally when needed, earning him a call-up to the Scotland national team.

It has many around Rangers hoping a permanent stay can be agreed and TEAMtalk claim that a bargain fee of around £800k may be enough to seal the deal. Funds are already in place to make a move happen.

Will James Penrice sign for Rangers permanently?

It’s claimed: “Rangers are ready to turn James Penrice’s successful loan spell into a permanent transfer, with TEAMtalk sources confirming that the club have ring-fenced the funds required to complete the deal. According to well-placed sources, a fee in the region of £800,000 is sufficient to trigger the option to buy that was included in the original loan agreement.

“That figure represents excellent value for a player who has already established himself as a trusted member of the squad and earned international recognition. While the option can be activated until next summer, the early allocation of funds indicates that Rangers are keen to remove any uncertainty and reward both Penrice’s performances and give McInnes his player. A a permanent agreement would represent a significant piece of business for the club as they look to build on a promising campaign under McInnes.”

McInnes said last week: "I've made my feelings clear on it. Ideally, we'd like to have done it on a permanent, but the best way forward at the time was a loan. I think we are all aware of what it needs to be to make it permanent, but I think there is a lot of goodwill all round and that is something we would like to do.

Derek McInnes on James Penrice

"What he's done since the first minute is just play with so much enthusiasm. He brings quality and energy. The fans take to him because of how he performs and how much he wants to win. He's a player that I trust and the supporters trust, so hopefully we can make it a longer-term thing.

"James deserves it and hopefully he can get on the pitch and come back with a couple of caps,. The thing that screams out of James is hunger. He's driven himself to get to where he is now. He plays with hunger and he trains with hunger. I don't think anybody should ever underestimate working with hungry players. As soon as you become too comfortable, you become complacent, for me. And I think that there is a real hunger there to establish himself here. He wants to be here."