Rangers agree fee for Wallace
Rangers have confirmed they have agreed a fee of £1.5 million with Hearts for defender Lee Wallace.
The left-back, 23, will complete his move to Ibrox subject to a medical with the Scottish champions.
Rangers had already failed with previous bids to sign the player as boss Ally McCoist attempts to bolster his squad ahead of his first season at the helm.
Wallace could make his Rangers debut against his former club, with Hearts set to travel to Glasgow for Saturday's Clydesdale Bank Premier League curtain-raiser.
And the Scotland international will also be eligible for next week's Champions League qualifier against Malmo if he completes his move before tonight's deadline.
Wallace will become McCoist's second signing, following the capture of Spanish midfielder Juan Manuel Ortiz earlier this month.
The new Rangers boss has missed out on a number of summer targets after replacing Walter Smith in the hotseat and news of Wallace's imminent arrival has been welcomed by director of football Gordon Smith.
He told www.stv.tv: "We'll be very pleased to get a player. We have been working on quite a few. We just wanted to get players in as we are trying to build a squad and we are trying to help the manager build for the new season.''
Wallace will provide competition for the left-back role currently occupied by Sasa Papac, who signed a new one-year deal at the end of the season.
Meanwhile, Rangers have been unsuccessful with a bid for St Johnstone midfielder Murray Davidson.
A statement on Saints' official website confirmed: "Saints have this afternoon turned down an offer from Rangers for the services of Murray Davidson.
"The offer from the Ibrox club fell short of the valuation placed on the player by chairman Geoff Brown.''