According to The Times, Rangers have failed in a move to lure Portuguese manager Vitor Pereira to Ibrox as their new boss.
Rangers missed out on promotion to the Scottish Premiership after a 6-1 aggregate defeat to Motherwell in the play-off final, meaning manager Stuart McCall is now under pressure.
The 50-year-old arrived as manager in March after replacing Kenny McDowall, but was only handed a contract until the end of the season, whereby promotion to the top flight would give him a great chance of staying in charge long-term.
However, having failed to deliver promotion, McCall could now be replaced this summer, and Olympiacos boss Pereira was believed to be a target.
The 46-year-old was Andre Villas-Boas' assistant at Porto in the 2010-11 season, and then took over the top job with the Portuguese giants after Villas-Boas' move to Chelsea.
After a spell in Saudi Arabia with Al-Ahli, Pereira moved to Greece with Olympiacos in January 2015, guiding the club to the league title in April.
The Times believe that Pereira held 'advanced talks' with Rangers over a stunning move to Ibrox, but the deal broke down recently, leaving Pereira to remain in Greece - and meaning Rangers must look elsewhere in their pursuit of a manager this summer.