Mark Hateley fears former Rangers strike partner Ally McCoist will suffer an exodus of leading players this summer.
A number of Rangers players negotiated exit clauses after accepting temporary wage cuts at the start of March, which leaves the club exposed when the transfer window opens on June 1 - also the date when their wages are due to revert to normal levels.
Hateley said: "Top players are always looking to become a better player and the players in this bracket - McGregor, Davis, Naismith, Whittaker - they are all top players. I think the question will be asked by their advisers - is staying at Rangers going to make you a better player?"
He added: "Possibly the circumstances from June 6 will determine those decisions but top players want to be the best they can possibly be and if those circumstances deny them that chance then the players have a question to ask themselves."
Manager McCoist could lose even more players if the club's creditors do not agree to a Company Voluntary Arrangement as PFA Scotland have argued that they would not be obliged to transfer to any new company that is formed from the current club's shell.
Rangers last week lost their appeal against a 12-month transfer embargo imposed by the Scottish Football Association over their failure to pay £13million in tax last season, meaning McCoist would only be able to bring in under-18s to replace any departing players.
Administrators and prospective owner Charles Green had initially planned to send a CVA proposal with a target date for a creditors meeting of June 6. That did not happen with a spokesman for Duff and Phelps saying one would be sent some time this week, with two weeks' notice needed.
It remains a distinct possibility that a newco Rangers would be admitted to the Scottish Premier League without sanctions, but such an entity would be expected to inherit the transfer ban.
Hateley believes that could make it more difficult to reduce the wage bill, though. "I find it very difficult to understand," the former England striker said. "You are trying to get your football club back in order and the powers that be want the football club reeled back in.
"To do that you have to sell your top earners, bring the salary bill down and make it more manageable. But to do that you can't sell all your top players without being able to bring another player in."
Source: PA
