Rangers are reportedly accelerating talks to bring Lewis Ferguson back to Ibrox, and the price tag attached to the 26-year-old Bologna captain could make it the most expensive signing in the club’s history.

Ferguson, who came through the Rangers youth academy before carving out a career that took him from Hamilton Academical to Aberdeen to Serie A, is now at the center of one of the most closely watched transfer sagas in Scottish football. The estimated fee of £12 million would represent a seismic financial commitment for a club that has historically operated with far more modest transfer budgets.

The numbers behind the deal

Ferguson’s market valuation currently sits somewhere between €10 million and €15 million, roughly £8.6 million to £13 million. That range matters because the upper end of it would test the absolute ceiling of what Rangers have ever been willing to spend on a single player.

Bologna reportedly rejected a bid from Inter Milan estimated at around £18 million, which tells you everything about how highly they rate their captain.