Rangers have confirmed the signing of Alex Rae and agreed a deal to release Emerson from his contract.
Rae has scored eight goals for Wolves this season
Midfielder Rae, 34, whose contract at Wolves is up in a few weeks, will pen a two-year deal.
Rangers manager Alex McLeish stressed that Rae was exactly the type of player he felt the club needed.
"He is a leader and I expect him to be an influence on the park and in the dressing room," McLeish told Rangers' official website.
"He gets right in there and doesn't shirk a tackle, which is what we need
"I want my players to be vocal and if things aren't going well at half time to shake things up.
"I know people look at his age and think his best years are past him.
"But Alex has just had a terrific season in the Premiership, which is one of the hardest leagues in the world and I believe he will do a good job here."
As a youngster Rae was at Ibrox during Graeme Souness' time but was let go and signed for Falkirk before moving south of the border to Millwall, Sunderland and Wolves.
"He is a Rangers diehard and has already asked to room with our new signing Jean Alain Boumsong," added director of football business Martin Bain.
"He told us he wants to educate him on the traditions of the club."
Bain is also trying to agree a settlement with Nuno Capucho, which would see the Portuguese winger follow Emerson out of Ibrox before the end of his contract.
The Brazilian midfielder has failed to shine in his season at Ibrox and is now a free agent.