Defender Craig Moore has been stripped of the Rangers captaincy and put on the transfer list.
Moore arrived at Rangers from Australia in 1993
Ibrox manager Alex McLeish has been angered by Moore's determination to represent Australia at the Olympic Games next month.
"Both Craig and I have agreed that the interests of Rangers are the priority and he will relinquish the captaincy," McLeish told the club's website.
"The club will now make Craig available for transfer at the correct fee."
Rangers reluctantly agreed to let Moore go to Athens and therefore miss the start of next season after the Australian national team threatened to ban him from playing for the club.
Moore will be one of three over-age players permitted to play in the under-23 tournament in Greece and will miss the opening games of the Premier League and Rangers' bid to qualify for the Champions League group stage.
"Both myself and Craig have had a discussion regarding his current situation at Ibrox and his desire to play for his country at the forthcoming Olympics," McLeish added.
"Each of us have our own objectives and I have decided to appoint a new captain for season 2004-05, which I will announce imminently with such important matches at the start of our season."
Moore, who has a year of his contract to run, incurred the wrath of McLeish in May, when the defender questioned the club's ambition during a television interview in Australia.
Central defenders Alain Boumsong and Marvin Andrews have been signed over the summer so McLeish has cover for his former skipper.