Rangers claim they have reached an agreement with Coventry over the transfer of John Fleck.
Fleck is one of a number of Ibrox players who have objected to the transfer of their contracts from Rangers to Charles Green's newco.
PFA Scotland believes the wantaway players are free agents and have asked the football authorities to release their registration from Rangers, but Green has vowed to seek compensation.
It was nevertheless understood that any deal taking the 20-year-old midfielder away from the crisis-torn club would be on free-agent terms.
But responding to media speculation this morning, Rangers said that an agreement had been reached with Coventry for Fleck that "recognised Rangers' rights".
"An inaccurate media report this morning suggests the Club is taking legal action against John Fleck over his move to Coventry City," read a statement on rangers.co.uk.
"Both clubs have in fact reached agreement for the transfer of the player and Coventry have recognised Rangers' rights as part of the process.
"A formal announcement will be made later today."
Green bought the assets of Rangers for £5.5million two weeks ago but his club's future is unclear.
Scottish Premier League clubs are set to vote against admitting them to the top flight and opposition is growing among Scottish Football League clubs over a deal to put them in the Irn-Bru First Division.