Greig, who was a Rangers player for 17 years, will continue his 50-year link with the club when he returns to Ibrox on Tuesday night.
His only two appearances in that time were for the club’s 140th year anniversary celebrations and the renaming of the Govern Stand, which was renamed after Sandy Jardine, his late friend and fellow Rangers player, at the Hearts game earlier this season.
After taking control on Friday, one of Dave King’s first actions was to invite the 1972 European Cup Winners’ Cup winner back to Ibrox, which he accepted without hesitation.
Current caretaker manager, Kenny McDowall, views Greig’s return as the start of the healing process for the Light Blues after suffering the "tornado" that has torn through Ibrox over the last four years.
Speaking to the gathered press – including The Herald – before the game against Queen of the South, the caretaker manager was keen to express why Greig returning was a massive step forward for the club as it aims to return to former glories.
He said: "Just to have Greigy back tells you exactly where the club is at. It's fantastic. Long may it continue that Rangers people come back to the place.
"I spoke to him about two weeks ago. These guys have all been great to me in terms of keeping my spirits up and telling me how to go about what I do, so I have a lot of people to thank for giving me a lot of advice."
While obviously overjoyed at the return of a Rangers legend, there were some stern words said about the previous regime that dragged the Gers to the lowest point of Scottish football.
“What has gone on here in the last four years is nothing short of scandalous," said McDowall.
"This place has been decimated.
"The sad thing about it is that there are people who have given a lot of years to the club and love the club who are no longer part of it through no fault of their own.
"A tornado has appeared and ripped the heart out of this place. It's sad."
Rangers have the opportunity to continue their revival in front of the watching Greig when they look to set the record straight after the poor result against Cowdenbeath.
A win against the team sitting one place below them in the Scottish Championship would see them draw level on points with Hibernian, with the aim of three promotions in consecutive years still a realistic one for the Light Blues.