Andy King is set to leave Rangers next week and return to parent club Leicester City, Football Insider understands.
Steven Gerrard revealed this week that talks have taken place over terminating the season-long loan of the Wales international, 31, at the midway point.
Ibrox sources have told Football Insider that an agreement is close to being reached between the SPL giants and the Premier League high flyers for King to return down south in the coming days.
It will reduce the wage bill at Rangers, who have paid a portion of King’s £40,000-a-week wages during the first half of the campaign.
The central midfielder is keen to return to Leicester and secure a new loan club for the second half of the season.
He has failed to make an impact at Ibrox, where his path to the starting XI has been blocked by Steven Davis, Glen Kamara and Ryan Jack, the established central triumvirate in Gerrard’s 4-3-2-1 system.
King has made just five appearances for Rangers and failed to even make a matchday squad since early October.
The Scottish side were King’s third loan club over the past few seasons following spells at Swansea and Derby.
He is out of contract at next summer at Leicester, when his 16-year association with the club is likely to end.
King has made 375 appearances for the Foxes, scoring 61 goals from midfield.