The Rangers legend has claimed that Steven Gerrard will need to bring at least four "top, top players" to Ibrox this summer.
Ally McCoist has warned that Rangers will need at least four "top, top players" to arrive at Ibrox this summer if the Gers are to close the gap on Celtic next season.
Rangers were neck-and-neck with Celtic heading into the new year, but now trail the Bhoys by 11 points with only 15 left to play for.
Earlier, the Ibrox chairman, Dave King, claimed that Rangers are "within tangible reach" of dominating Scottish football once again.
But speaking to The Scottish Sun at the Emmie Smillie Charity Foundation event afterwards, McCoist responded: "Fans to a certain degree, don't want to be within reach, they want to be alongside Celtic, serious about challenging at the top of the league, winning cups, and it is going to take certainly four players for them to do that.
"Rangers need to get four top, top players who are going to go into the team and play."
And the legendary ex-Rangers striker and manager suggested things could yet get worse before they get better, adding: "I might be changing my mind on that if you are selling a couple.
"Whether they take the money for Alfredo Morelos, take the money for James Tavernier and reinvest it but I think they are three or four players away."
McCoist went on to predict a big summer for Celtic, too, with the Bhoys managerial situation still uncertain.
Rangers have signed a total of 20 players, either on loan or permanent contracts, in Steven Gerrard's first season as manager.