McKay, 29, is said to be the first player out the door at the club since it went into administration last week over massive unpaid tax bills.

Midfield dynamo McKay signed for Rangers from Brisbane Roar in a transfer deal worth around $400,000 last August.

But the A-League's current Player of the Year never managed to tie down a regular first team place, despite shining on the rare occasions he got game time in a Rangers shirt.

In his short time at the club, he assisted in several goals and won a man of the match award, but still never found favour with under-pressure coach Ally McCoist.

Roar had been hoping their former skipper would return to the club if he was released by Rangers and were monitoring events in Scotland, but ruled out a loan or transfer fee for McKay.

They admitted last month: "We are currently monitoring Matt's situation, however no official proposal has been put forward at this time."

It now appears a deal may have been done by the administrators to offload McKay to a Korean club, said to be Busan I'Park, with the deal expected to be finalised within 24 hours.

Fellow Australian Iain Fyfe, 29, appears to have recently left Busan however as his name no longer appears on the team's squadlist on the official club website. He was an unused sub in his last game for the club last October.

McKay would then become the Korean club's Asian signing to complement the three Brazilians currently on the roster under the AFC's 3+1 imports rule.

Busan are currently at the Hawaiian Invitational Soccer Tournament and will play a Melbourne Heart representative side led by Josip Skoko on Thursday afternoon.

If the deal goes through quickly, McKay may fly direct to Hawaii to meet his new team-mates in time for the match.

"It is understood the 29-year-old has already said his goodbyes at Murray Park, as he becomes the first player to leave with the club in administration," said a report on STV today.

"The club's administrators, Duff and Phelps, are currently reviewing the budget at Rangers, with a view to potentially releasing players from their contracts.

"It is understood the player's agent, John Viola, is in South Korea putting the finishing touches to the deal."