Lee McCulloch insists Rangers should pay Hearts just £1million for Lawrence Shankland's services.
The Light Blues have been linked with the Scotland international ahead of the January transfer window.
Ibrox boss Philippe Clement recently shut down speculation about a potential move. And McCulloch, who coached Shankland during his time at the Jambos, feels he would be an ideal signing for Rangers, particularly given the striker's contract situation.
Speaking to PLZ Soccer, he said: "His contract is up at the end of next year (season) so he's got a year-and-a-half left.
"I think Hearts will want £2million for him. I think Rangers should pay just over a million for him."
Real Betis are set to be without six players for their crunch Europa League showdown with Rangers this week after they were hit with an injury crisis.
Rangers need to either win in Spain in the final game in the group or match Sparta Prague's result against Aris Limassol in the other match to go through.
Real Betis were already reeling after 80-time capped Portuguese midfielder William Carvalho was ruled out until Christmas after picking up a hamstring injury.
Argentina's World Cup winner Guido Rodríguez is also out for the game through suspension.
And manager Manuel Pellegrini has revealed they have been hit with four other injuries for the visit from Philippe Clement's side on Thursday.
They are also set to be without French playmaker Nabil Fekir, Spanish defender Marc Bartra, Chilean keeper Claudio Bravo, and Senefalese right-back Youssouf Sabaly.
Pellegrini said: "We have a lot of problems with players injured.
"The only positive we can take is that we did tests on Germán Pezzella, after he felt his hamstring, but he is good to play.
"But we are missing important players in a vital period of the season for us."
