An external, independent nominations committee has been set up which will review applications and nominate a shortlist of supporters for election to the board.
The nominations committee includes former captain David Weir, Scottish rugby international Alastair Kellock, Rev Stuart MacQuarrie and five other fans.
The move is part of the club's Ready to Listen campaign, launched earlier this year.
Panel members will review applications from season ticket holders and club members to be put up for election to the board.
Chief Executive Graham Wallace said: "It is clear that the wider fanbase is fully supportive of the creation of an official Rangers Fans Board so I am delighted to confirm this step towards its implementation.
"The committee will select a number of candidates for election to the Fans Board they feel best placed to represent the interests of supporters around the world.
"Supporters have a key role to play in helping achieve success for Rangers on and off the park.
"This will provide the platform for more structured dialogue as well as providing the club with a better understanding of the issues and concerns of the fanbase.
"Two-way dialogue will provide the opportunity to give greater insight and feedback to fans on decisions made and greater transparency regarding key issues that affect our supporters."