Rangers ended up third in the league last season after winning automatic promotion from the Scottish Championship at the end of the 2015-16 campaign.
Former Rangers striker Boyd, who is now 33 years of age and plays for Scottish Premiership rivals Kilmarnock, has backed Pedro Caixinha’s side to end up runners-up this campaign.
The Scotsman has also praised the signing of Bruno Alves, stating that the Portugal international central defender reminds him of former Rangers and Everton centre-back David Weir.
“For me RANGERS can only really hope to be second and that’s where I think they’ll finish,” Boyd wrote in The Scottish Sun. “Pedro Caixinha has stumbled across a 4-4-2 formation but it seems to be working.
“Had I written this column a month ago it would have been totally different. But there are signs that Rangers could be on to something.
“I reckon Bruno Alves will prove to be a fantastic signing, reminding me of the arrival of Davie Weir. By all accounts his English is very good so he’ll be able to delegate and organise things at the back, something Rangers have badly needed.”
Boyd has also predicted Celtic to win the Scottish Premiership title this season. Brendan Rodgers’s side won the league title during the 2016-17 campaign without losing a single game.
The former Rangers star, though, has stated that the Hoops need to sign a striker in the summer transfer window.
Boyd seems to rate Scotland international striker Griffiths on the pitch, but he has criticised him for his off-pitch behaviour.
“Celtic won the treble last season — and I wouldn’t bet against them doing it again,” Boyd wrote in The Scottish Sun. “But for me they need another striker because of two big questions.
“The Moussa Dembele saga will rumble on and the question is: Will he stay or will be go? Then there’s Leigh Griffiths. Can Brendan Rodgers really rely on him?
“On the pitch, yes, he’ll always get goals. But he seems to needlessly get himself involved on silly things that give his manager a headache. If he’s not tying a scarf to goalposts he’s shouting at people at airports.”
“Overall, though, I would expect Celtic to win a domestic double this season, if not another treble,” added Boyd.