Manager Steven Gerrard and director of football Mark Allen have drawn up plans with an attacking midfielder the priority. Scroll through to see the players already linked with the club, from Premier League strikers to promising Scottish talent.
Both Celtic and Rangers are among the favourites to sign the striker who has been released by Liverpool.
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The former St Johnstone midfielder has been released by Manchester United.
Rangers, along with Hibs, have been credited with an interest in the Charlton centre-back.
Released by Arsenal, the Scottish youth international is a huge Rangers fan.
The Ghanaian defender, playing with Royal Antwerp, is wanted as a possible James Tavernier replacement.
The Swede is out of contract and had been linked with an Ibrox move but reports suggest there was no interest in the player.
The Czech centre-back is expected to move on from Chelsea once more with plenty of teams keen, including Rangers.
Rumours the Everton left-back would be moving to Rangers emerged on social media, but it will very unlikely happen.
The ex-Hibs midfielder's contract with Sunderland expires. He's been linked with a move back to Scotland - Aberdeen and Rangers potential destinations.
Speculation on the former England international linking up with Steven Gerrard has been doused. Out of contract.
The striker has been said to interesting Rangers but is set to sign a deal with Hearts.
The winger is set to replace Ryan Kent. Expected to sign a new long-term deal with Liverpool before arriving on loan.
The Aberdeen captain was touted to follow in the footsteps of Ryan Jack but signed a deal with Derby County.
Will return to parent-club Liverpool but Rangers will do their utmost to retain him.
It seemed the defender was on the verge of moving to Ibrox when he was pictured with Steven Gerrard but has opted to stay in France.
Released by Birmingham City, Rangers are very keen despite his struggles with Aberdeen.
The teenage Sporting CP midfielder is a Portuguese youth international and was reported to be close to signing a two-year deal.
Highly-rated centre-back is interesting a number of clubs, including Rangers.
German legend Jurgen's son. He is out of contract and could be looking to move on from Hertha Berlin.
A surprising link but one which was dismissed. Could have replaced the experience of Gareth McAuley.
Steven Gerrard is reportedly a fan of the Derby County loanee and could be given a favour from Rams boss Frank Lampard. Has been excellent for Aberdeen.
Experienced Swiss international is out of contract at Championship champions Norwich City.
A loan deal from Watford has been mooted. Has a market value of 13.5m.
The teenage striker was handed a trial by the club.
The Kilmarnock youth striker is a player in demand with Manchester City keen on the teenager.
The striker played for Osijek against Rangers in the Europa League and is the top scorer in the Croatian league.
The 15-year-old Albanian is on the books of Spurs.