The Anfield icon is under serious review for a dramatic comeback to the Scottish giants following the official dismissal of manager the ex-Swansea boss.
Martin's unsuccessful Ibrox tenure ended with the manager departing the Falkirk Stadium via a back exit and a vehicle on standby after a 1-1 draw which left the Glasgow side 11 points from the top of the Scottish Premiership after just seven fixtures.
Angry supporters had surrounded the squad transport in the away ground, showing their discontent.
The Ibrox hierarchy had been hesitant to dismiss Martin, who was only brought in in June, despite loud complaints from fans.
However, there was an understanding that the coach's position had become impossible.
The club have managed only one win of their league fixtures to date, which has been combined with disappointing performances in Europe.
In total, Martin won only five of 17 fixtures, with a lackluster, muddled footballing philosophy that earned him few friends.
“While all transition periods require some time, results have not met the organization's goals,” stated a club announcement on Sunday night.
“Number two Matt Gill, and first-team coach the coach, will also be departing. Russell and his coaching team have given their all throughout their spell. We express gratitude for their dedication and wish them well for the time ahead.”
The Liverpool legend claimed the league with the Glasgow club in that campaign, their lone triumph since over a decade ago.
His achievements in the Scottish league before then, combined with difficulties at the Birmingham club, brings doubts about his managerial capabilities.
Yet he is held in high esteem by the very set of fans Rangers desperately need back on side.
The reappointment of the Liverpool icon, who previously worked in the Middle East, would generate significant excitement.
The coach will also be aware of what limited opportunities he has to be a head coach in major divisions.
The manager's departure will intensify scrutiny on Kevin Thelwell, the club's recruitment chief.
He had been very backing of the coach while announcing a transfer outlay of twenty million pounds in the off-season.
The former boss had signed a long-term deal.
The manager, who had previously been in charge the League One side and the Swans, managed Southampton to promotion to the English football's elite in that year after being appointed the earlier window.
He was sacked last December after the the club won only one of their initial 16 matches.
He was named the former captain's successor in the summer, after the interim head coach had taken over from the sacked Clement in winter.
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