The Gers chairman confirmed that he wanted to reorganise and restructure the agreement in place between Ranger and the Newcastle owner's company.
Gers fans have made it clear how unhappy they are with Mike Ashley's involvement with their club, with the Londoner also facing protests down in England regarding his running of Newcastle United in the Premier League.
The South African based business man revealed that he intended to meet with Sports Direct to 'reorganise and restructure the existing commercial deal into one that benefits both parties better,' according to comments from the Rangers site.
The 60-year-old told supporters that he envisaged the meetings to be a positive means to adapt the relationship between Rangers and the retailing group run by Ashley, saying: "I don't think that they will be difficult. I think that they will be commercially robust if I can use that term. But I think there is a strong argument on both sides to look at it because the current arrangement is not working."
King pointed to the fact that dwindling season ticket sales, and fan protests against Ashley indicated the need for Sports Direct to accommodate some of the Rangers board's concerns, if they indeed did want to make the arrangement a success in any way.
"The fact of the matter is that they are not currently getting the level of support from the Rangers fans that we would typically have seen from the fans," King added.
"There is a strong argument to say to Sports Direct lets restructure the relationship to what we believe is a fair and balanced between the interests of Sports Direct and the club and allow us to announce to the fans that we now have an arrangement in place that is going to be good for the club and by buying from retail and supporting the other commercial operations that the money is coming back into the club.
"I think until the board can give some certainty to the fans, I wouldn't expect to see them coming back in numbers, which is different to the season ticket situation as one thing that the fans can be assured of there is that all of the money from the season tickets is going to go into the football side of the club.”