The businessman has been looking to edge his way into Scottish football and according to 'Gers chief Charles Green is on the brink of investing in the Ibrox outfit which currently competes in the Third Division after falling into liquidation in the summer.
"As you know we've been trying to get the position clear where Mike can buy shares in Rangers," Green told Sky Sports News of the Sports Direct guru.
"We finally got clearance from the Football League after they had a board meeting recently and the meetings this afternoon were to make sure the path's clear for Mr Ashley to invest.
"He's obviously keen to do that and I'm sure that will get completed in the next few days.
"I think we've already stated previously that he's not allowed to take a material stake because of the dual ownership position.
"It was made clear to the football league that it would be single-digit percentages. So it's below what I said to the financial authorities that no-one would hold more than 10 per cent. Mike will be under the 10 per cent level.
"There's lots of things that we want to do with Sports Direct. Mike's very, very influential."