McCoist to replace Smith after season

Ally McCoist is next in line for the Ibrox hotseat (GETTY IMAGES)

Ally McCoist admits it will be "a privilege and honour" to replace Walter Smith at Rangers when the veteran manager retires.

Smith has signed a new deal that will keep him at the Scottish champions for one more year, before handing over the reins to assistant McCoist and first-team coach Kenny McDowall, who both agreed two-year deals last night.

Former striker McCoist has served a five-year apprenticeship under the 62-year-old, firstly with the Scotland national team then back at Ibrox as his No 2 for Smith's second spell there.

McCoist said: "We're thrilled to get it sorted. I think it was fairly common knowledge we didn't want to go anywhere at all. This place is our home and, thankfully, we've had a reasonable amount of success in the last few years.

"It will be a privilege and an honour to take over from Walter next year and that is a challenge I shall certainly relish."