The multi-millionaire former director is poised to return to Ibrox as chairman.
And supporters' groups hope he will prevent further carnage erupting before a potentially stormy AGM on October 24.
Divisions have opened between the club and some fans amid fresh claims that Rangers will be down to their last million in cash reserves by next April.
Andy Kerr, of the Rangers Assembly, welcomed King's return and added: "He has been on the board before and hopefully he can bring back the stability we are looking for just now. It is interesting as to where the likely appointment of Dave as chairman leaves the current board. We are all gearing up to the AGM and it is a bit of a shoot-out if you like in terms of people backing who they want to back and people getting into various camps.
"There has been an element of protest against the current board but they will no doubt see the appointment of Dave King as a positive."
But Kerr admitted he was puzzled by the timing of King's comeback - and said he expected him to wait until the outcome of the AGM before making his move.
"I am a little surprised by the timing. I thought that, with everything that is going on, he might have waited and positioned himself until after the AGM.
"It is interesting that he has chosen to come back ahead of the AGM.
"But I am sure he will be welcomed back by the Rangers fans and do a great job for the club."
King ploughed £20million into Rangers during the Sir David Murray era at Ibrox and has indicated he would invest more money into the club as they seek to return to the top of Scottish football.
But he will be anxious to see the state of the club's finances before agreeing to a new cash injection.
Kerr said: "You have to bear in mind that he has already invested £20m in Rangers.
"He is a fan who wants to do his best for the club and feels that he can help the club over the coming years.
"It is encouraging that he is back in the frame and has chosen to come on board as chairman.
"Dave has been the poker player in all of this. He certainly won't squander his money. He will want to see things done properly.
"He is not talking about investment at this point but it is looking increasingly likely that the club will need some investment going forward and hopefully, at that point, he will invest again."
King's return comes after a summit in South Africa with Gers chief executive Craig Mather and finance chief Brian Stockbridge.