Rangers manager Alex McLeish has been given until the start of December to turn around the club's fortunes.
Gers chairman David Murray met with McLeish on Monday amid reports the former Hibernian manager was set to be sacked after a poor run of results.
But Murray said: "The manager should be given the opportunity to improve our overall current performance, given the success of his career thus far.
"We will review progress at the start of December and assess at that time."
Chief executive Martin Bain was also present at the meeting that has given McLeish a stay of execution in the Ibrox hotseat.
McLeish must now improve on a run of five games without victory that has seen Rangers slip 12 points behind Celtic in the Scottish Premier League.
The club's next three games are away at Celtic in the league, away at Porto in the Champions League and then away in the SPL at Hibernian.
McLeish revealed on Saturday he has come close to quitting the job after coming under severe scrutiny in the past few weeks.
It was rumoured Murray would use the current international break to dismiss McLeish and bring in a new manager in time for Saturday's crunch fixture against Celtic.
But his haul of seven trophies in four seasons at Ibrox has brought him more time as he fights to save his Rangers future.
The secretary of the Rangers Supporters' Clubs John Macmillan said Rangers fans would back Murray's decision to stand by McLeish.
"I was hoping they wouldn't sack him and, thankfully, that is the case. I think most supporters will agree this was the right decision," he said.
"Morale is already low so what would it have been like if the manager had been sacked?"