Ally McCoist has offered his resignation as Rangers manager, according to widespread reports.
McCoist has come under pressure because of the Light Blues' poor start to the season, but he has always insisted that he would not walk away from the job.
However, the 52-year-old appears to have had a change of heart and has given the club the option to part company with him.
McCoist is on a 12-month rolling contract at Ibrox and the two parties will need to agree a settlement if he is to leave.
As it stands, McCoist is due to take charge of Rangers tomorrow for their match against Queen of the South, but the bookies have already begun speculating who could be in-line to takeover from him.
Terry Butcher has been instilled as the immediate favourite to succeed McCoist, with prices of around 5/2 available.
Butcher, who made 127 appearances for Rangers during his playing days, has been out of work since leaving Hibernian in the summer.
Stuart McCall is the second favourite (3/1) with Billy Davies an outsider at 6/1.
Other notable names on the list of potential candidates are Brian Laudrup (8/1), Lee McCulloch (16/1) and Darren Ferguson (25/1).
Rangers are currently nine points behind an unbeaten Hearts side in the Scottish Championship and whoever takes over from McCoist faces a tough challenge to close that gap.
The club are yet to make an official statement on the breaking news, with the players reportedly still not informed about McCoist's decision.