Graeme Murty among bookmakers' favourites to become next Reading boss
At present, the 43-year-old is only in charge at Ibrox until the end of the season with calls growing for a new manager to be installed.
Reading are on the lookout for a new head coach after Jaap Stam departed the Championship side early on Wednesday and could turn to their former player.
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Hide AdThe Scottish international spent 11 years with the Berkshire club, including a lengthy spell as captain.
He is currently 14/1 to SkyBet to take over, which makes him the fourth leading candidate in the market.
Paul Clement is the runaway favourite at present, priced at 1/10, while ex-Rangers boss Mark Warburton is joint-second on the list with Steve McClaren at 12/1.