Rangers’ exit from the Champions League has effectively ended their chances of signing defender Gary Cahill, according to the Scottish Sun.

Manager Steven Gerrard was said to be keen on bringing in the ex-Chelsea centre-back, who has now officially left Crystal Palace after two years at Selhurst Park.

Cahill’s availability on a free transfer made him an attractive target for the Light Blues, with Gerrard seemingly keen to shore up his defence. However, it is believed the lack of funds following the club’s early departure from the Champions League means there is no real prospect of the 35-year-old moving to Ibrox.

Pursestrings have had to be tightened after the defeat to Malmo, with Cahill’s salary demands likely to have been the major obstacle in getting a deal over the line.

Instead, the former Champions League winner may well end up playing in the English Championship, with Bournemouth his likeliest destination.