Buffel is considering his future at Ibrox after admitting he may leave in January if he is not recalled to the team by Walter Smith.
He has been linked with a switch to Anderlecht, with the Belgian club willing to do a deal for the right price.
"There has been contact concerning Buffel and the move has been spoken about," Anderlecht spokesman JP Kindermans told the Daily Record. "The conditions are far too high at the moment, but there will definitely be further negotiations.
"We do not like to say too much about such matters until signatures are put on to paper.
"The personal conditions of the player are too much at the moment, but this is negotiable."
But while Anderlecht are hoping to fix up a deal for Buffel, Hannover have confirmed they will not be reviving their interest.
Hannover were considering a move for the Belgium international 12 months ago, but the 26-year-old is no longer a target.
The German side's sporting director Christian Hochstatter said: "We watched this player one year ago, but I can confirm that at this moment there is no interest in Thomas Buffel at Rangers."