Rangers have made all the right moves in the transfer market and Ferguson would be the jewel in Cavenagh’s crown

Given the way that Rangers collapsed last season, losing four of their five post-split fixtures to finish a distant third behind Hearts and Celtic, it was clear that a major rebuild lay ahead in the summer.

Having to rip it up and start again has been a recurring theme over recent years, given the succession of managers who took charge mid-season and then outlined their own recruitment plans the following summer.

That was always likely to be the case with Danny Rohl, who had spoken towards the end of last season about changing the profile of the squad in terms of mentality and leadership qualities.

When Rohl then left unexpectedly to take charge of Red Bull Salzburg, it could easily have disrupted Rangers and set them back a few weeks in terms of their transfer plans. But the fact they moved swiftly to appoint Derek McInnes has ensured that the necessary building blocks have continued to be put in place.

Now coming towards the end of their second week of pre-season training, Rangers have already made five summer signings thus far.

Lawrence Shankland had already joined prior to the arrival of McInnes, with Ross McCrorie, Ben Godfrey, Ivor Pandur and now Dan Neil all following suit.

Rangers chairman Cavenagh could make a statement on intent with the signing of Ferguson

Shankland’s credentials as a goalscorer in Scotland scarcely need mentioning, whilst McCrorie is a smart signing in that he ticks multiples boxes: experienced, versatile, and homegrown.

For all he has perhaps lost his way in recent years, the fact remains that Godfrey is an England international centre-back. At 28, he has plenty years ahead of him if Rangers can help him rediscover his best form.

Pandur was arguably the best goalkeeper in the English Championship last season with Hull City and is now at the World Cup with Croatia, whilst Neil adds quality and experience in midfield.

These are not project players. They are all proven at a good level and should – should – enhance Rangers’ squad for next season.

There is likely to be more new arrivals by the time they kick-off their Premiership campaign against Dundee United away at Tannadice on July 31. The club are also still in the market for another wide player and another midfielder if possible. Which brings us to Lewis Ferguson.

For all their solid work in the market so far, the potential capture of Scotland and Bologna star Ferguson would be the jewel in the crown of the McInnes rebuild.

Reports in Italy over recent days have suggested that Bologna will hold out for a fee in the region of £17million for their captain. It is also understood that the Rangers hierarchy have already held initial talks with the Serie A club over a deal for the 26-year-old.

It would take a Scottish record transfer fee to sign Ferguson, given that the current record still stands as the £12m Rangers spent to sign Tore Andre Flo from Chelsea 26 years ago.

Smashing that record would be a huge statement of intent from Andrew Cavenagh and Rangers’ American owners, and it is understood that a deal for Ferguson remains under active consideration.

But it is far from straightforward. In order to raise the necessary finance, Rangers would first of all have to sell some of their existing assets.

Lawrence Shankland and Derek McInnes have already made the move to Ibrox this summer

A swap deal with Nico Raskin has been mooted. Thelo Aasgaard is also attracting interest from clubs in Italy. Djeidi Gassama is another whom Rangers would likely cash-in on if they were to receive a suitable offer.

Then there is deadwood such as Nedim Bajrami, Jose Cifuentes, Danilo, whilst the jury remains out on Bojan Miovski after an unimpressive debut season in Glasgow.

It was announced earlier this year that Rangers were to raise £16m via a new share issue to help fund new acquisitions in the summer, with the Americans having spent in excess of £30m since arriving last year.

Sources at Rangers have indicated that it’s not that the club couldn’t afford Ferguson. The key to making the deal happen would be around how it would be structured, as well as raising some cash from player sales.

On the face of it, £17m is a huge outlay for any Scottish club. There may be some who would question the wisdom of Rangers spending such a huge chunk of their budget on one player.

But there is also value. If Ferguson were to arrive, he would almost certainly be handed the armband and appointed as the new club captain.

Rangers have also signed £6m goalkeeper Ivor Pandur from Hull City

At 26 years old, he is in the prime of his career. Rangers would be signing a bona-fide captain and a player who could lead their midfield for the next six to eight years. Ferguson is mature and articulate. He possesses exactly the sort of leadership skills Rangers have been crying out for.

Rangers are not alone in the chase for his signature. Lazio and Atalanta are both known to hold an interest in the former Hamilton Accies and Aberdeen man. There is also interest from clubs in England.

As is always the case with major tournaments, the fact that Ferguson was arguably Scotland’s best player in the World Cup will also drive interest. He would command top dollar in terms of wages, something which Rangers may well struggle to compete with in terms of the sums on offer from elsewhere.

But the advantage they hold is the emotional pull for Ferguson and his family. In McInnes, he would also have a manager under whom he developed so impressively at Aberdeen.

Rangers and McInnes have done a lot of good business in the transfer market so far, but their work is far from finished. Another two or three new recruits, at the very least, should yet follow. 

There is still a fair amount of ground to be covered before a deal for Ferguson comes to fruition. But, if they could pull it off, it would be a blockbuster signing. There could be no greater statement of intent from Cavenagh and the Americans if they could make it happen.