Scottish giants Rangers have agreed a fee from Busan I'Park for midfielder Matt McKay.

The Australian midfielder has failed to make an impact at Ibrox since his move from Brisbane Roar in August and with the reigning Scottish champions in dire financial struggle, it has been revealed that a fee of around $AUD220,000 has been agreed between them and the South Korean club.

"Rangers have confirmed today that a fee has been agreed with Busan but that negotiations on the transfer are still continuing," read a statement on the club's official website.

Busan's website added: "Busan I'Park have signed former Rangers and Brisbane Roar midfielder Matt McKay to replace Iain Fyfe.

"The 29-year-old is keen to be playing regular first team football and Busan are ready to offer him the chance to escape the troubles at Rangers."

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