The Magpies' Premier League status is far from secure as United sit 19th in the Premier League table, three points behind 17th-placed Norwich City with eight games to go as the campaign reaches its final stretch.
The Sports Direct and Newcastle owner said on Monday that he would not walk away even if they do drop down into the Championship (The Mirror).
He could, however, be forced to sever his ties with the Scottish giants - with whom he owns a 8.92 percent stake - as dual interest laws would become more serious in the event of relegation, as reported by the Daily Record.
The Scottish publication states that the English Football League implements stricter rules than the top flight with regards to people or parties who own shares in two separate clubs.
Ashley is permitted by the Football League to own up to 10 percent of another British club, but the report claims that Rangers fans will argue that his shares are not held purely for investment purposes only - the main bit of criteria for which the 10 percent rule applies.