King has been passed "fit and proper" by the Scottish Football Association and will assume his role as the chairman of the Scottish giants, according to BBC Sport.
The 60-year-old businessman, who owns 14.5% of Rangers' shares, was at Ibrox on Wednesday evening for the Gers’ Scottish Premiership playoff tie against Hibernian.
McCall’s side won the first leg of the semi-final playoff 2-0 and are now favourites to head into the final.
After the match, the former Scotland international midfielder said that he will meet with King inside the next couple of days.
"I'm having a meeting with him in the next 48 hours,” McCall told The Sun when asked if he had spoken to King.
One suspects that one of the key topic of discussions will be the future of McCall, who is out of contract at Rangers at the end of the season.
The 50-year-old was appointed the Glasgow giants’ manager in March, and he has done a good job in taking the club to the playoffs.