Proposals for the sculpture can be revealed today after the Ibrox club said it was "looking into creating lasting memorial" to Jardine. It is understood the bronze bust will go on display in Ibrox Stadium.
Former Rangers and Scotland player Jardine lost his battle with cancer in April. He was 65.
The fans' favourite died peacefully at his home, surrounded by his family, just 18 months ago after being diagnosed with cancer.
After supporters laid thousands of scarves and strips outside Ibrox in memory of Jardine, club bosses believed a bust of the "world class" player should be commissioned.
Jardine's Rangers career saw him win three League Championships, five Scottish Cups, five League Cups and the European Cup-Winners' Cup in 1972.
A Rangers spokesman said he couldn't confirm exact details but he added: "the club will have talks with Sandy's family - particularly his widow Shona - and he will certainly be honoured."
Rangers legend and Evening Times columnist, Derek Johnstone said he was left "absolutely devastated" by Jardine's death. He said: "Sandy was a true professional.
"He was one of these players who was first to the ground in the morning. Whenever you had hard work to do he would always lead the way. He led by example. He gave 100% all of the time whether it was in training or in matches."
As well as representing the club more than 600 times, scoring 77 goals in the process, Jardine also played 38 times for Scotland and featured in two World Cup tournaments. He captained his country nine times.
Rangers manager Ally McCoist said Jardine was a "truly remarkable human being".
Sir Alex Ferguson, a former team-mate of Jardine from 1967-69, described him as a "noble and courageous man".
Around 1000 mourners attended Jardine's funeral in Edinburgh last month. Rangers legend John Greig was one of the pallbearers at Mortonhall Crematorium.