The Ibrox club have been searching for a permanent successor to Philippe Clement, who was sacked in February, with former captain Barry Ferguson taking the team for the final months of last season.
Rangers spoke to various candidates, including former boss Steven Gerrard and ex-Real Madrid assistant Davide Ancelotti.
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However, after weeks of searching, it looks like new sporting director Kevin Thelwell, CEO Patrick Stewart and Rangers’ new US owners are set to opt for the former Ibrox defender Martin, who spent time on loan at the club in 2018 and also won 29 Scotland caps.
The 39-year-old had spells in the dugout at MK Dons, Swansea and most recently Southampton, where he was sacked last December.
Thelwell took over at Ibrox on Monday and following his arrival said: “While there has been significant work going on in the background prior to my arrival, that naturally accelerates from today, and top of the priority list will be the appointment of a new head coach for our men’s first team.
“That search has been progressing well, and the club and I look forward to bringing that to a conclusion in the coming days.
“This is a new chapter for Rangers, and while we recognise success won’t come easy, our goal is clear: we need to win.
“My focus is on delivering that, with discipline and ambition. We’ll give everything to move this club forward as quickly and sustainably as we can.”
King: New boss must adapt to Glasgow pressure
Discussing the search for a new boss, former Rangers chairman Dave King told Sky Sports News:
“When you bring in a new manager, I’d refer to the Glasgow environment.
“Some people think that’s a little bit unfair, but certainly in my experience from Mark Warburton and others who all thought they got the Glasgow thing – until you get to Glasgow, you don’t get the Glasgow thing. Even someone like Steven [Gerrard] who came from Liverpool, where you think is closer to the Glasgow thing.
“You can try and think you understand it, and you can talk to people who’ve been there before, but until you actually get in there, you don’t really get it.
“So I think that’s the factor that I would be wary of. I think that the consortium will consider about bringing in a European manager, who’s maybe got no experience of Scottish football at all, that’s going to go from Champions League qualifiers to the north of Scotland in a drab, wet, windy, horrible Wednesday evening and try and motivate your players and get results out of them.
“I think that is a factor for me, but it’s not something that the 49ers are not aware of.”
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