Rangers have confirmed the release of 26-year-old defender Sotirios Kyrgiakos and want a quick answer after offering striker Peter Lovenkrands a new deal.
Sotirios Kyrgiakos could be joining Olympiakos
The Ibrox club say that Kyrgiakos, previously of Panathinaikos, is wanted by their Athens rivals, Olympiakos.
Lovenkrands is wanted by incoming Rangers manager Paul Le Guen.
But chairman David Murray told the Daily Record: "If Peter doesn't feel he can stay then the manager has someone else in mind for his position."
Lovenkrands has been in and out of the Rangers side this season under Alex McLeish, the Dane being frustrated at being used at times as a winger instead of a striker.
"I have spoken to Peter on two occasions and have also held discussions with his agent," added Murray.
"They have to realise we need a quick answer.
"We would like Peter to stay. But, if not, we will move to secure the other target.
"Everybody has to realise no one player is bigger than this club."
Kyrgikos had spent two seasons with Rangers.
The Greece defender joined the Ibrox side in January 2005 but left at the end of that season after turning down a new contract.
He returned in August after failing to find another club, but he has now been told his contract will not be renewed.