Rangers' Summer Rebuild: Key Transfers and Challenges Ahead

Rangers’ summer rebuild is moving at full tilt. A new manager in Derek McInnes, a new captain in Lawrence Shankland, seven fresh faces through the door – and still the market around Ibrox refuses to settle.

With the Premiership kicking off on Friday and Europa League qualifiers looming, this is a squad being reshaped on the fly. Ambition on one side of the ledger, hard financial reality on the other. The deals now will define McInnes’ first season.

Hjerto-Dahl race turns into a bidding war

The name on every Rangers fan’s lips remains Jens Hjerto-Dahl.

Rangers have pushed hard for the Tromso playmaker and saw a £5.4m bid knocked back earlier this month. Hjerto-Dahl has already admitted he is “tempted” by the move to Ibrox, but the market around him has exploded.

Cardiff City have stepped in with an offer close to £8m, while Tromso sources say Premier League newcomers Hull City are the latest club to declare serious interest in the 20-year-old. The Norwegians insist there have been no fresh formal approaches beyond that, and Hjerto-Dahl is currently with the squad for their Conference League qualifier second leg against Hradec Kralove.

For Rangers, this is turning into a test of how far they are prepared to stretch. The long-term target they once led for is now the subject of a full-scale auction.

Makhanya swoop nears completion

If Hjerto-Dahl is getting away, Olwethu Makhanya looks set to arrive.

The South Africa international is poised to become signing number eight, with McInnes confirming the defender could be registered in time for Friday night’s opener at Dundee United. Rangers have moved decisively, agreeing a deal worth around £3.3m with Philadelphia Union.

Makhanya’s relationship with his MLS club had broken down badly. A blocked move to the Belgian Pro League left him furious and he went AWOL last week. Now the 22-year-old, who made South Africa’s World Cup squad but did not feature, is on the brink of a fresh start in Glasgow and a back line in need of pace and aggression gains both.

Antman exit to fund wide reshuffle

One player heading the other way is Oliver Antman.

The Finland winger arrived from Go Ahead Eagles with promise and initially caught the eye at Ibrox, but his impact faded and under McInnes he has slipped further down the pecking order. Rangers are prepared to cash in.

Anderlecht are pushing hardest, with a deal worth upwards of £4m on the table. Derby County and FC Twente have also shown interest, but the Belgian side are currently in pole position. For Rangers, a sale at that level would open the door for immediate reinvestment out wide.

Markelo lined up as loan solution

That is where Jahnoah Markelo comes in.

The Coventry City winger is high on Rangers’ list as a potential loan addition. The club are keen on a season-long deal for the 23-year-old, who first caught their eye at FC Zurich.

His form in Switzerland earned him a £4.3m move to Coventry 12 months ago, yet he featured only six times as Frank Lampard guided the Sky Blues back to the Premier League for the first time in a quarter of a century. Game time will be at a premium there now. At Ibrox, with natural wingers in short supply, he would walk into a genuine opportunity.

Souttar squeezed by Godfrey arrival

At centre-back, the picture is just as fluid.

The loan arrival of England international Ben Godfrey from Atalanta has thrown John Souttar’s future into doubt. The Scotland defender only signed a new deal earlier this year to keep him at Ibrox for the coming season, but the landscape around him has changed quickly.

Interest from England is growing. Leicester City, Sheffield United and Swansea City are all in the frame, with the Foxes’ involvement particularly eye-catching given the family link – Souttar’s younger brother plays at the King Power. If Rangers decide they cannot carry both Souttar and Godfrey, a sale now would bring in a meaningful fee and clear space on the wage bill.

McCausland eyes another move abroad

On the flanks, Ross McCausland is pushing for his own exit.

The Northern Ireland international spent part of last season on loan at Aris in Cyprus and is keen to head back overseas rather than drop into the lower leagues in England. Interest is building from clubs across Europe and from MLS, with Rangers waiting to see who is prepared to meet their valuation.

Several League One sides have already asked the question, but that route does not appeal to the 23-year-old. Luton Town have also sounded out Rangers, yet they have indicated they cannot pay a fee or match his current wages, leaving that option effectively dead. McCausland has impressed in pre-season under McInnes and still has a year left on his deal, giving Rangers some leverage as they weigh up whether to cash in now or risk losing him for less later.

Cozier-Duberry still on radar – at a price

Another winger remains on the wish list, but only if the numbers come down.

Rangers have tracked Brighton youngster Amario Cozier-Duberry since earlier in the year. The 21-year-old shone on loan at Bolton, helping them win promotion back to the Championship, and his performances have not gone unnoticed on the south coast.

Brighton, though, are demanding up to £5m for a permanent deal and believe he has a high ceiling. That valuation places him firmly in the “stretch” category for Rangers. He stays on the radar, but any move would likely depend on significant outgoings or a change of stance from the Seagulls.

Mendy shows what Rangers missed

One former target, Nobel Mendy, is now moving in a different financial stratosphere.

The Senegal international full-back was on Rangers’ list last year before choosing to leave Real Betis for Rayo Vallecano. His trajectory since then has been steep. Hull City, freshly promoted to the Premier League, have now lodged a bid in the region of £15.4m.

It underlines the scale of the market Rangers are trying to operate in. Players they once tracked now command sums that would swallow an entire Scottish club’s summer budget in a single deal.

As the window edges into its final month, McInnes and the Ibrox hierarchy stand at a crossroads: double down on key targets like Hjerto-Dahl, or spread the resources across depth, flexibility and future resale. The decisions they make now will echo through the season – and decide whether this rebuild becomes a platform, or just another reset.