McCoist (left) would love to stay on at Rangers if Smith moves on
Ally McCoist wants to manage Rangers if Walter Smith steps down when his contract expires in January.
The Ibrox assistant also insisted he did not know when his own deal was due to end - although it is widely believed to be aligned with Smith's.
As the debt-ridden club seek a new owner, contract extensions and transfer dealings are on hold at Ibrox.
"It would be a dream to remain involved if Walter decides to move on at the end of his contract," said McCoist.
Smith, 61, has indicated that he would be content to carry on without a contract until the end of the season and McCoist insists that he would love to see his mentor remain in charge of team affairs.
However, Smith has also warned that any takeover could end his reign at the Glasgow giants.
"Myself and Walter are in the same boat as the players in that we don't exactly know what's going to happen in the immediate future," McCoist added.
Walter (Smith) won't walk away, no matter how bad it gets
Andy Goram Former Rangers goalkeeper
"The most important thing is the club and it needs stability. The club is up for sale and an ideal situation - and I speak as a fan as well as an employee - is the person who comes in is someone who has Rangers' best interests at heart.
"If that happens then no-one will be happier than me and Walter Smith."
Smith returned for his second spell at the Ibrox helm in January 2007, bringing former Rangers striker McCoist with him after their stint together with Scotland.
McCoist, 47, has been groomed to succeed Smith but was not expected to be in a position to step up quite so soon.
"I have grown up with Rangers and it would be fantastic to manage the club," he said. "I don't want to go anywhere, I am happy where I am.
"Circumstances are not ideal at the moment but if they change and the people in charge still want me at Ibrox then I will be there.
"I have to stress, the future of the club is more important than everything else. If the club is stable, anything is possible after that."
Asked if he had discussed taking over at the start of next year, McCoist added: "I haven't and the reason I haven't is because I do not know what is happening and I am being honest about that.
"But I will say that managing Rangers would be absolutely wonderful. If it happens, fantastic. If it doesn't, we move on and move on in the hope that Rangers' future is solid."
Goram sure Smith won't walk away
On the subject of his own terms, he said: "I promise this, I do not know when my contract ends. I am brutally honest about that and I do not say that in a flippant manner.
"The reason why I do not know is because it's not something I really concern myself about. Rangers is more important than me or any individual and Rangers' welfare is my only concern."
McCoist may be ready to step into the Ibrox hot-seat but his former Rangers and Scotland team-mate Andy Goram believes he will have to wait a little longer.
"Walter won't walk away, no matter how bad it gets," Goram told BBC Scotland.
''Walter is leading from the front - when no one else is and is doing a great job. The team aren't playing well but they are in a cup semi-final and just a point off the lead in the SPL.
''When he took over Rangers were 21 points behind Celtic and he's gone on to win two doubles and reach the Uefa Cup final."
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