Former boss Pedro Caixinha is attempting to sign the player he brought to Ibrox in the summer, for his new club in Mexico, Cruz Azul.
Caixinha has instructed Cruz Azul to sign Pena, and the Mexican club are reported to be confident they could seal a deal today, with director Eduardo de la Torre commenting that it is 'obvious' why the club want the Rangers star.
Rangers paid £2.2 million to sign Pena, and while he has shown glimpses of promise, he has not lived up to that fee.
However there is a twist in Cruz Azul's interest which may not sit well with Rangers fans.
Instead they want to sign Pena on loan for one season, with an option to buy at the end of it.
Rangers would be better off holding out for a fee right away, and should be in no rush to grant Pena his early exit.