Graeme Souness has turned down a job offer at Rangers.
The Ibrox hero knocked back an offer to work as a club ambassador.
Souness, 70, left Sky Sports after a decade with the broadcaster.
The former Liverpool and Rangers boss then swam the English Channel to raise funds for Debra - a charity helping those battling Epidermolysis Bullosa.
In between times, Souness did meet with Rangers chief executive James Bisgrove sparking rumours of a return to Ibrox in an ambassadorial capacity.
But, Souness decided against a return to Rangers at the current time.
However, it's understood the relationship between Rangers and Souness is still strong, with timing the main factor in his decision.
A Rangers spokesman said: "Graeme has decided for his own reasons not to accept an invite from the club, however the club totally respects him, his decision and he remains a legend who is always welcome at Ibrox."
On his meeting with Souness earlier this year, Bisgrove previously commented: "Graeme doesn't need me to say, but Graeme’s an absolute legend of the football club. He's an icon and I think our strategy will be to make sure that we've got good relationships with a lot of our club legends.
"I spoke earlier this week, I think it was even yesterday to Richard Gough and text with Kevin Thomson and Craig Moore so it's important that we've got those touch points with people that are so, so important to the clubs' history.
"Graeme was in Glasgow for a private engagement and dropped in for a coffee. It was an informal conversation because we want to maintain that relationship.
"Hopefully, in the future, he'll be involved in more opportunities in an ambassadorial sense. I think that's for Graeme to decide but I think the extent of the rumours probably went a little bit further than the reality on that one."
Asked if he had discussed an ambassadorial role with him, Bisgrove added: "Not specifically. As I said, it was an informal chance just to reconnect because Graeme happened to be in Glasgow and he loves to come into Ibrox. We had a coffee, we had a great conversation and that was all for now.
"I think as I've said, for all of the ex-players, you look at John Greig, the greatest ever Ranger is still there every day on a match day. To have our ex-players that are supportive of the club is important because they understand the club, the supporters connect with them so absolutely we want to make sure we keep those relationships strong."
