McClaren is ready to replace Pedro Caixinha at Rangers, more than two weeks since the Portuguese left Ibrox.
The newspaper claims McClaren, who is working as an adviser for Israeli side Maccabi Tel-Aviv, believes the role would be perfect for him as he looks to rebuild his coaching reputation, having been sacked by Newcastle United and Derby County within the past 18 months.
It adds the former England manager has informed Rangers he is willing to work within their constraints, both in terms of his own wage and transfer kitty, which would be "far lower" than he was used to south of the border.
And that could work in McClaren's favour, amid reports this week that Rangers are reluctant to pay the £750,000 required to prise top target Derek McInnes away from Aberdeen.
Another thing McClaren seemingly has going for him is a prior relationship with Rangers' director of football Mark Allen, with whom he worked at Newcastle.
However, the Herald reports that does not make the 56-year-old favourite for the role nonetheless.
Should Rangers consider McClaren?