A report has claimed Newcastle United owner Mike Ashley is in talks with the Glasgow club about the controversial deal.
And an official statement reiterated that Rangers' chief executive Charles Green is open to the possibility of selling the naming rights to the famous stadium.
A spokesman said: "Charles Green has told supporters at many meetings in recent months that he is open to the idea if it can generate revenue for the club."
The issue has divided opinion among Rangers' supporters. Many see it as selling the club's heritage, while others believe it makes good economic sense in austere times.
Rangers already have a lucrative agreement with Sports Direct.
Sports Direct now sell the clubâ€™s merchandise at its stores countrywide, as well as online and also runs the megastore at Ibrox.
However, Mr Ashley caused outrage among Newcastle United fans last year when he revealed the club's St James's Park was to be renamed the Sports Direct Arena.
But payday loan firm Wonga.com became Newcastleâ€™s main sponsor last month and revealed the St. James's Park name would be restored.
Many clubs have renamed their stadiums to generate cash in modern times, including Arsenal (Emirates Arena) and Bolton (Reebok Stadium).
Ibrox opened in 1889 and the Bill Struth Main Stand became a Category B listed building in 1987.