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.

The 27-year-old left-back has been one of the standout performers since arriving from AEK Athens in the summer, consistently delivering top displays that have cemented his place in Derek McInnes team.

His impressive form has got him a first senior call-up to the Scotland squad for the upcoming Nations League fixtures.

McInnes has been clear in his desire to keep the defender beyond the end of the current campaign. Indeedm the Rangers boss manager has made his position clear to chief executive Jim Gillespie and the wider board, stressing the value of securing a player who combines quality, energy and an obvious hunger to succeed at Ibrox.

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.

Penrice, who progressed through the youth ranks at Partick Thistle before spells at Livingston and Hearts, returned to Scotland after a title-winning season in Greece.

Penrice planning on extended Rangers stay

The former Tynecastle favourite has spoken of his ambition to remain at Rangers long-term, and the plan between him, the manager and hierarchy is clear.

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.

With Rangers competing on multiple fronts, retaining a consistent left-sided option and the depth with Tuur Rommens is viewed as a priority.

Supporters have taken to the Penrice massively and a permanent agreement would represent a significant piece of business for the club as they look to build on a promising campaign under McInnes.

The club had a record spend in the summer but there is money and huge backing from the 49ers ownership to continue to strengthen the side going forward.