Rangers manager Ally McCoist has offered his resignation this morning.
The club have confirmed to the Stock Exchange that McCoist has entered a 12-month notice period.
"The company announces that Alastair McCoist, manager of the first team squad, has resigned," said the statement.
"His service contract dated 28 December 2010, which was subsequently amended, has a 12 month notice period ("Notice Period").
McCoist will recieve a salary increase as he serves the year long notice period.
"The directors will hold discussions with Mr McCoist to seek an amicable solution in the best interests of the company, and expect to be in a position to make a further announcement before the end of the week."
"During the notice period, Mr McCoist's salary will increase significantly to £750,000 per annum."
The former Rangers striker has been in charge since July 2011.
He guided the club to Scottish football's second tier after they went into administration and were banished to the bottom division.