The man who started the nine-in-a-row era before the managerial reigns at Ibrox were handed over to Walter Smith had warm words of praise for current Gers gaffer Ally McCoist who is facing the challenge of guiding the Govan club out of the Irn-Bru Third Division.
Souness, who was inducted into the Scottish Football Hall of Fame in 2004, was a guest of honour at Hampden when legendary Rangers striker from the 1930s Bob McPhail was inducted along with Gordon McQueen, Frank McLintock, Pat Stanton and Andrew Watson on Sunday night.
He said: "Ally has done a great job under very difficult circumstances.
"Really it is hard to say how much things have changed from my time as manager at the club. For me it's poles apart from the job I had when I was there or when Walter or Dick Advocaat were in charge.
"But the challenges Ally's facing are different with different demands than at my time at the club and from what I can see he is handling them with dignity.
"He has shown great loyalty to the club through the toughest of times and he deserves a lot of credit for that."
Turning his attention to the return to Ibrox of Smith as a non-executive director, Souness has no doubt Walter's homecoming will help legitimise the regime of Charles Green.
He said: "I think it's a good move for Walter to come back to Rangers and one that can only be good for the club.
"He will have looked into what's going on at the club and who's behind the club.
"Walter has always been his own man and the credibility that he brings with him is enormous. You can't dispute the level of feeling that he has for Rangers, it is in his blood.
"Previously no-one knew Charles Green but now if I was a Rangers supporter I would be very happy that Walter has got involved again.
"He brings so much experience and that, for me, validates what Charles Green is trying to do at Rangers."