The forward has already begun rehab on the knee problem.
Glasgow Rangers look to be on their way to the Scottish Premiership at the end of the season but do have Hibernian in hot pursuit of the one automatic promotion spot.
With that in mind the club did not need to lose arguably their best player for 6-8 weeks.
However, Rangers' recent win against Kilmarnock in the Scottish Cup came at a cost. Top goal-scorer Martyn Waghorn has been ruled out for six to eight weeks with a knee injury.
"For me to sit here and say we wouldn't miss a player of that quality (would be a lie).
"He's been outstanding for us. 28 goals, he is a credit to his profession.
"So of course he will be a loss but there is no surgery required which is really pleasing news for us so Martyn's already been given rehabilitation so hopefully back in a matter of weeks."
Waghorn has been the main goal provider at Ibrox this season - netting 28 goals in 34 games for Rangers this season. Losing him will be a big blow to their chances.
However the Rangers boss will be confident in the back-up options he has at Ibrox to step up in the club's time of need and fill the void left by Waghorn's unfortunate absence, and push Rangers to promotion.