Rangers have rejected a bid from Celta Vigo to take Nuno Capucho on loan but have not ruled out a permanent transfer for the 31-year-old.
Capucho is wanted by clubs in England, France and Spain
The Spaniards are one of several clubs interested in taking the Portugal winger who has failed to impress since his £670,000 summer move from Porto.
But Rangers boss Alex McLeish ruled out a loan move to the Spanish club.
"If Celta were prepared to offer something more permanent then perhaps we would be prepared to talk," he said.
McLeish stressed that he believed Capucho was starting to find his form.
"Nuno has shown in recent weeks, despite criticism he gets, that he does not care," he told Rangers' website.
"His hunger has been much more evident in recent games, chasing balls down and working much harder than he did in the early part of his Rangers career.
"I think he has made a decent contribution in the past few weeks and he feels he has turned the corner after finding it very difficult to settle in the first couple of months.
"If people were to come in with more concrete offers for Nuno, or anyone else, it is something that Rangers would have to consider."
McLeish went on to highlight Capucho's role in recent Rangers goals.
"So I hope that Nuno can continue to give us that kind of contribution if he stays with us and I think he will," he said.
It was thought that Capucho could be interested in a move as Vigo is close to the Portuguese city of Oporto, where he has a home.
The Spanish outfit, who are struggling in a relegation battle, could have been interested in making the deal permanent should the loan spell go well.
Capucho, who has netted six times in 24 games for Rangers, has 18 months of his current deal still to run.
His agent, Jorge Mendes, said that clubs in England, France and Spain were interested in taking him during the current window.
He said that Capucho was happy with life in Scotland but wanted regular first-team action to enhance his chances of being in the Portugal squad for the European Championships.