They will take on Albion Rovers at home in the quarter-final next month, and, if they get through that fixture against the part-timers, they will play the semi-final at Ibrox.
But Aberdeen, who beat Celtic at Parkhead last weekend, will also be feeling good about their chances.
So, for that matter, will Dundee United, Inverness Caledonian Thistle and St Johnstone.
But Rangers, even though they are in League One, have Premiership players. And they can challenge for the trophy.
Who would have bet on Kilmarnock to win the cup in 1997? Who would have backed St Mirren in 1987?
Yes, Rangers will have to be wary. They were thrashed by both Inverness and United in cups last season.
But they will have a full house cheering them on in both the quarter-final and, if they get there, the semi-final and that will help them.
The cup games will also hopefully generate much-needed income for Rangers and improve finances.