Smith knows the coming weeks will be spent trying to rebuild, after the squad he inherited from Paul Le Guen in January once again failed to mount a real challenge for honours this season.

He has already secured the services of Bordeaux striker Jean-Claude Darcheville and is likely to make Andy Webster's loan deal a permanent one, even though injury means the Wigan defender has not kicked a ball for Rangers yet.

Smith has several other names on his wish-list and, even though Brown's name was at the top, he was unable to splash out the £4.4million paid by Celtic to secure his signature.

The Rangers boss said: "It's not always about that one specific transfer, it's about the fact that we have to try to cover a number of positions and we have to be careful in that situation.

"There are a number of positions that we feel we have to fill at this stage and that's what we will be trying to do over the close-season.

"We've got a number of targets that we would like to fill those positions with but, as we've seen this week, it doesn't always work out the way you want it to.

"But that's natural and it happens to every club."

Smith is well aware the Ibrox faithful will be angry and disappointed to lose out on Brown, just weeks after Celtic recruited another Rangers target, Motherwell's Scott McDonald.

The Ibrox boss has warned fans to be prepared for more disappointments over the summer but has vowed to do all he can to build a strong team for the challenges ahead next term.

He added: "We're disappointed to miss out on Scott Brown, the same way we would be disappointed to miss out on any player that we try to sign.

"You have to put up with it. It's not the first time it's happened and it won't be the last. It won't even be the last during this close season, I've no doubt about that.

"You go for targets and sometimes you get them, sometimes you don't.

"In some situations we don't get a player and no-one gets to know about it; this one has been fairly public.

"We go on and we will be trying as hard as we can to find a number of players during the close season."

However, Smith remained tight-lipped when quizzed about a potential swoop for Osasuna defender Carlos Cuellar.

The 25-year-old is believed to have impressed Smith during the performances that saw the Spanish side dump Rangers out of the UEFA Cup.

But, asked whether he is lining up a reported £2million bid for the player, he said: "We played against them on a couple of occasions and he is a good player.

"But we have never been in contact with him or the club. There are still four games left in the league in Spain."