Mark Warburton's side will look to compete with Celtic next season.
The Gers will compete in the Scottish Premiership next season, having fought their way back following their demotion down the leagues four years ago.
Talk of a title challenge has already begun for next season, with many hoping Mark Warburton’s side can return to challenging Celtic for the title once more.
Last week saw the two sides clash in the Scottish Cup semi-final, with Rangers coming out on top in a penalty shootout following a scintillating 2-2 draw. And Souness says that performance makes him think that a title challenge is not impossible.
“It’s not impossible,” he told Sky Sports. “Last week, the way they played against Celtic, they played them off the park. I can’t remember watching an Old Firm game where one team had so much of the ball.
“I think Rangers last week were a surprise in how good they were, Mark Warburton’s done a fantastic job there.”
If Rangers are to compete with Celtic next season, much will likely rest on the work they can do in the summer transfer window.
Mark Warburton has already made it clear that he wants to add players to his squad and will still be keen to do so despite the win over Ronny Deila’s side.
That win, however, showed that the gap between the two teams may not be as big as feared, and perhaps two or three top class signings rather than wholesale changes would be a wiser move now.