Rangers have confirmed that they have agreed a fee with South Korean side Busan I’Park for the sale of Matt McKay.

As STV revealed on Tuesday, the midfielder is set to be the first player to leave Ibrox since the club appointed administrators.

"Rangers have confirmed today that a fee has been agreed with Busan but that negotiations on the transfer are still continuing,” the club said in a statement on their official website.

The Australian international is surplus to requirements at Ibrox, having made just three appearances for Ally McCoist's side.
STV understands that the player's agent, John Viola, is in South Korea putting the finishing touches to the deal.

McKay arrived at the club in August 2011, moving from Australian side Brisbane Roar in a £250,000 move.

It is understood the 29-year-old has already said his goodbyes at Murray Park, as he becomes the first player to leave with the club in administration.

The club's administrators, Duff and Phelps, are currently reviewing the budget at Rangers, with a view to potentially releasing players from their contracts.

The 2012 K-League season is due to start on March 3. McKay had a previous spell in South Korea with Incheon United in 2006, but didn't make a competitive appearance during a short loan.