Maurice Edu was the last player for which Rangers paid a transfer fee
Rangers manager Walter Smith will be able to bolster his squad ahead of what will be his final season at Ibrox.
Battling to contain the club's debt, the Scottish champions have not bought a player since August 2008.
However, the Glasgow giant's bankers, Lloyds Banking Group, have now agreed to release funds for new players.
Chief executive Martin Bain said: "We have an ability to build a squad and acquire new faces, which we have been crying out to do for a long time."
While striking a positive note on the easing of the club's financial restrictions, Bain was quick to remind fans that there would be no return to the big spending that marked Smith's first period at the helm in the 1990s.
"My job here at the moment is to stabilise and go into a hugely important transfer window and bring in new faces and address some of the issues that we have not been able to address and hopefully the supporters will see a squad that is ready for the new season," said Bain on the club website.
"We would love to go out and sign the Laudrups and the Gascoignes, but we can't do that.
We have come out of a difficult period - although we are not completely out of it yet - and we could be on an up curve as long as we don't create too much in terms of expectation
"In saying that, we have a certain amount of money to spend and now it's up to Walter and me to spend that money as wisely as we can.
"We have agreed with Lloyds that we can spend some of the Champions League income and we also hope to maintain wage levels as they currently stand and reinvest any transfer proceeds that we might have."
Smith has already lost Nacho Novo, Steven Smith and Marcus DaBeasley under freedom of contract, while Kirk Broadfoot and Kris Boyd have yet to agree new terms and could also leave for nothing this summer.
Danny Wilson has attracted interest from Liverpool, while Madjid Bougherra, Steven Davis and Allan McGregor may also be on the wish-lists of top English sides.
Despite the lack of investment, Smith has delivered back-to-back championships and Bain is hoping for continued success now that the manager has agreed a contract for one last season in charge.
"It's been far far too long a period of not really understanding where we are going," continued Bain.
"Now at least we can communicate that we will rebuild the squad, the management team is in place and together there is no reason why we can't build on the success we have had.
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