Rangers have had a bid reportedly rejected for the Hearts striker.
Former Rangers man Derek Ferguson has told Open Goal's Right In The Coupon that Kyle Lafferty would hit the ground running at Ibrox, and believes Steven Gerrard's side need a player like Celtic's Odsonne Edouard.
The Scottish Sun have reported that Rangers have seen a £200,000 bid rejected for 30-year-old striker Lafferty, but remain keen in bringing the Northern Ireland international back to Ibrox.
Lafferty spent four years at Ibrox after joining the club from Burnley in 2008 before leaving following the financial collapse, scoring 36 goals in 134 games for the Light Blues.
He starred for Hearts last season, finding the back of the net 19 times and now he is said to be keen on a return to his old side. Ferguson believes he would be a good signing, as he still has his doubts over Alfredo Morelos.
"He's been there, he's done it, he's a fan favourite," Ferguson said. "He knows what it's all about, you would think he would hit the ground running. I think he's desperate to move back.
"He's a big Rangers man and he's still got a bit about him. You talk about Edouard, that's what Rangers need. Alfredo Morelos can be a hit or a miss."
Gerrard has already completed 10 signings this summer, bringing in Allan McGregor, Nikola Katic, Connor Goldson, Jon Flanagan, Scott Arfield, Ovie Ejaria, Lassana Coulibaly, Jamie Murphy, Ryan Kent and Umar Sadiq.
But he only has Morelos and Sadiq as options up front and with Celtic showing last season that three strikers is a necessity, and that could be the reason for Gerrard's interest in 6ft 3in target man Lafferty.