Walter Smith will step down from his position as Rangers manager and make way for Ally McCoist at the end of the season it has been confirmed. The 48-year old former Rangers superstar will step into the very big shoes of Smith for the 2011/12 Scottish season after the veteran manager ends his four-and-a-half-year stint - his second - and last at Ibrox.

McCoist, who has been Smith's assistant since January 2007 and has helped his boss win two league titles, admitted it will be a tough job to step into.

"It's a bit like taking the microphone from Frank Sinatra, taking over from Walter, because he's a very hard act to follow," McCoist said.

"It's not something I'm scared of, anything but.

"I'm confident I can follow in the great traditions of Rangers. Looking around at the pictures of past managers on the wall, I don't want to let them down.

"From Thursday, I'm an assistant manager with four trophies to win but hopefully this will help give the Rangers fans and players some stability.

"It was very important to let people know what was happening.

"The release of information was important to the fans and the players. Now we can get back to work.

"My role will not change this season. Hopefully the players and I will still have the same mutual respect for each other - nothing should change."

Rangers are chasing a third consecutive SPL title and are still alive in the Scottish Cup, League Cup and Europa League.