The Scottish international, 24, is an interesting target for the Gers, but they may need to be wary of Celtic getting in the mix.
This is most likely if they appoint Paul Lambert, who is soon to be out of work, announcing he is to leave Blackburn when the season is over, where is currently working alongside Hanley.
Lambert is the bookies favourite for the Celtic job, report Oddschecker, and knows all about Hanley's talent.
While Hanley was once part of Rangers' academy, Lambert may stand a chance of taking him to Celtic given his working relationship already established with the defender.
The Times report Hanley is valued by Blackburn at around £3 million.
Lambert is a big fan of Hanley, and has commented in the press about how highly he values him. He told the Lancashire Post just last month:
"I think there’s been a few lads who have been brilliant for me and Grant has definitely been up there.
“If you can get people who you know exactly what you’re going to get then that’s half the battle.Grant is doing great with the national team and he’s played in the Premiership before."
Lambert's exit after less than a full season at Rovers will have players considering their own future as well, and joining the Scot at Celtic would be an option he would have to consider if it was presented to him, which is why Rangers may have to move quickly to get their man.