Cuellar completed a £7.8million move to Aston Villa last night after activating a clause in his contract, a move which has infuriated fans.

Supporters were assured at a meeting with Murray, Smith and chief executive Martin Bain on Friday that the Spanish defender did not have to be sold to compensate for the club's exit from Europe.

Murray is now hoping to soften the blow by sanctioning the release of funds to allow Smith to strengthen his squad before the transfer deadline.

Cardiff centre-half Glenn Loovens is believed to be top of the wanted list, although reports this morning claim Celtic have also launched a bid to sign the Dutchman.

Rangers could also resurrect their interest in Fulham midfielder Steven Davis, who enjoyed a successful loan spell at Ibrox last season.

Murray told the Scottish Daily Express: "Reports I told the Rangers Supporters Assembly at a private meeting last Friday that all monies from sales would be returned to the manager are accurate. That's what will happen."