The 22-year old Nigerian went down in the box to win his side a penalty in the 2-1 win over Dunfermline Athletic on Saturday and the SFA found that he was guilty of simulation.
But 'Gers want the ban overturned just as the association did for Hibernian striker Garry O'Connor earlier in the season after he was also set to be sidelined for two games for a dive.
A club statement read: "Rangers have rejected the offer of a two-match ban. Referee Steve Conroy - who had a good view - had no hesitation in pointing to the spot.
"Aluko was adamant after the final whistle that he'd been fouled and there was little in the way of complaint from members of the away team, with TV replays suggesting Martin Hardie may have made contact with the winger.
"The club believes Aluko should have his punishment removed."