The club’s chief executive Patrick Stewart told Rangers’ official website: “Philippe and his team have worked tirelessly during their time at the club and have played an important role in developing the first team’s young players.
The former Club Brugge and Monaco boss also briefly hauled them into title contention last season, but they eventually finished eight points adrift of Celtic and he was never able to recapture the promising form of his early months in the job.
Former Scotland midfielder Ferguson won five league titles, five Scottish Cups and five League Cups across two spells at Ibrox.
The likes of former boss Steven Gerrard, ex-Everton manager Sean Dyche and Derek McInnes, currently in charge at Kilmarnock, have been linked with the vacancy, while Rangers are in talks about a multi-million pound investment by a United States-led consortium which includes Paraag Marathe, president of 49ers Enterprises.
Rangers have placed their former captain Barry Ferguson in charge of first-team affairs until the end of the season following Philippe Clement’s sacking.
