Rangers have reached an agreement with former manager Ally McCoist over the termination of his contract.

The 52-year-old was appointed manager at Ibrox in 2011 but was placed on gardening leave in December 2014 by the club's former board after handing in his resignation, which had prompted a year-long notice period.

Rangers chairman Dave King told the club's official website: "Ally remains one of the most significant figures in this club's history. His contribution on and off the pitch should not be forgotten or devalued.

"Agreement could have been reached earlier but it has been difficult for us to get an opportunity to sit together and talk everything through.

"We have done that now and we are grateful for Ally's continued consideration for the club by accepting early termination - which he was under no obligation to do."

As a player, McCoist helped the Glasgow side win 10 league championships and 10 domestic cups.