Rangers are reportedly in talks with AEK Athens over a potential loan move for James Penrice.
According to Greek outlet SPORT24, Rangers have already submitted two proposals for the 27-year-old, with both understood to include an option to make the deal permanent.
Penrice is reportedly keen on a move to Glasgow, but the two clubs remain apart over the size of the loan fee.
Rangers are understood to be willing to make another effort to bridge the gap, with negotiations continuing between the Scottish and Greek clubs.
Derek McInnes previous praise of Penrice
The potential move would also reunite Penrice with Derek McInnes.
McInnes took charge of Hearts at the beginning of last season and, within weeks of his appointment, Penrice departed Tynecastle for AEK Athens.
Despite the defender leaving before McInnes had the opportunity to manage him in a competitive game, the Rangers boss was hugely positive about Penrice and had previously tried to sign him during his time at Kilmarnock.
McInnes described Penrice as a "brilliant signing" for Hearts and compared his influence to that of Scotland and Spurs left-back Andy Robertson.
"Penrice reminds me of a young Andy Robertson. He's so influential in Hearts' performances," McInnes said.
"I thought it was a brilliant signing for Hearts when they got him. I tried to take him to Kilmarnock."
McInnes also admitted that Penrice's departure was a blow after he had arrived at Hearts hoping to work with the left-back.
"That was a blow for us because we were really looking forward to working with James," he said.
"In an ideal world, I'm just in the door, I wanted to work with him and have wanted to work with him for a while."
The circumstances at Rangers could make Penrice an attractive option for McInnes once again.
Rangers need full back cover
Tuur Rommens is currently the undisputed first choice left-back at Ibrox, while 16-year-old Ashton Scally provides the other option in the position.
Scally missed the entirety of Rangers' pre-season campaign through injury, however, leaving McInnes with limited experienced cover for Rommens.
Penrice would therefore provide competition and depth at left-back while offering Rangers the opportunity to assess the player before deciding whether to make the move permanent.
The inclusion of a purchase option in Rangers' proposals is understood to be part of the negotiations with AEK.
Penrice's reported desire to return to Scotland could also prove important as the clubs attempt to find an agreement.
However, the loan fee remains the main obstacle at present, with Rangers and AEK continuing discussions over the financial terms of a potential deal.
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