Francisco Sandaza could seal a contract with Rangers after being offered a deal worth £1m.
Rangers have tabled a four year deal for the ex-St Johnstone forward worth £250,000 a year, after tax.
Sandaza has been a free agent since leaving Perth in the summer and has had a number of offers across the continent, including a contract with a Belgian club which he turned down last week.
The Spanish striker is now bound for Glasgow to finalise the £5000-a-week contract with Rangers.
Speaking to the media on Monday, All McCoist said he was hopeful the deal would be concluded "very, very soon".
McCoist said: "The best way to put it is that Francisco hasn't signed yet but we are very keen to get him.
"The agent and our representatives have been in discussions over the weekend and I'd be hopeful he'd be signing soon."
Rangers first expressed interest in 27-year-old Sandaza in January, when he eventually turned down a pre-contract deal to move to the Gers.
Edinburgh rivals Hearts and Hibernian had been rumoured to be chasing his signature but Sandaza now looks likely to go to Ibrox.
With Rangers facing a transfer embargo for 12 months starting on September 1, the club is building a squad for campaigns in potentially the Second and Third Divisions, should they win promotion at the first attempt.
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