Ashley is negotiating a profit-sharing arrangement with new Rangers owner Charles Green.
It would see replica club kit and other products sold in the Sports Direct stores.
Rangers declined to comment, though it is understood that the club first has to resolve outstanding issues relating to its former contract with JJB Sports that it signed in 2006.
Under that deal, JJB acquired the Rangers shops and provided an annual payment that was due to expire in 2016.
But contracts held by the old Rangers company were torn up when it went into liquidation. In recent times JJB has also struggled and has been forced to seek new injections of capital.
A JJB spokesman said: “JJB does have a commercial agreement with the current owners, and obviously had an agreement with the previous owners.”