Barry Ferguson's agent has insisted that the midfielder could resume his Rangers career despite being stripped of the captaincy and axed from the first team.
The 28-year-old had appeared unlikely to play for the Ibrox club again while Paul Le Guen remains as manager.
Le Guen claimed after Tuesday's 1-0 Bank of Scotland Premier League win at Motherwell that he had no choice but to axe Ferguson after being undermined by his skipper in the dressing room.
But agent John Viola told BBC Radio Five Live the situation was far from cut and dried.
'Anything can happen in football,' said Viola. 'Every relationship can be repaired.'
Viola held talks with the Rangers executive chairman Sir David Murray.
Murray has been a strong supporter of Ferguson in the past.
'We had discussions and we'll be discussing the scenario over the next few days,' Viola confirmed.
There remains plenty left unresolved at this early stage, with Ferguson still in limbo and the transfer window leading to plenty of speculation.
Everton, Aston Villa and Newcastle have all been linked with possible moves for the experienced former Blackburn player.
Viola added: 'As soon as we can sit around the table and get everything concluded the better.
'Barry wants to stay at Rangers - he's made that abundantly clear to everyone.
'If it doesn't work out, the next step would be to speak to other clubs, but we haven't spoken to anyone because he's still under contract to Rangers.'
Le Guen has admitted his own job is far from secure - describing his position as 'precarious' - and he too has refused to rule out a reconciliation with Ferguson.
However for that scenario to play out the manager insists there must be a change of the Scotland international's manner.
Le Guen said after the match at Motherwell, where new captain Gavin Rae led the team: 'If he comes back to play with me, he must show other behaviour.'
Viola stressed that Ferguson has been taken aback by the manager's move, which was made public on New Year's Day.
'He's extremely unhappy,' said Viola, 'and pretty gutted about the whole scenario.'