Kris Commons believes Rangers’ inability to qualify for the Champions League has “huge” repercussions.
Steven Gerrard’s side lost to Malmo in two legs in qualifying and are now in the Europa League.
According to reports, the Ibrox club missed out on a £40million windfall, which Commons believes could spell disaster for the club.
He wrote in the Daily Mail: “The implications for Rangers of not getting to the Champions League group stage are huge. It changes the dynamics within the club.
“If you do reach them, you are suddenly in a position of massive strength with tens of millions of pounds at your disposal.
“I’ve no doubt Steven Gerrard and the Rangers hierarchy would have had a blueprint of top-quality players they were looking at attracting to help them compete at that level.
“But not qualifying is almost like taking one step forward and two steps back.
“Now you don’t have the money for transfer fees and wages for those players, and those people you would have been interested in are no longer going to want to come. You are also likely to find yourself on the receiving end of bids for your top players.
“Potentially the likes of Alfredo Morelos, Ryan Kent or James Tavernier could leave if acceptable offers come in.
“Gerrard has already acknowledged that when he spoke in the wake of the 4-2 aggregate defeat to Malmo.
“But players could also leave if they decide they want to be playing Champions League football and they’re not going to be getting that at Rangers.
“Morelos will always be the most obvious one because it’s not the first or the last time he has spoken about wanting to play at a higher level.
“He wants to leave for a club in the Champions League or he fancies the lure of the English Premier League.
“There’s also been speculation over Leeds United and Kent and that could be lurking just around the corner again.
“Right now, agents behind the scenes will be asking players if they want them to press the button and get something moving. I’d imagine in the closing days of the transfer windows there will be comings and goings.
“When you’ve a squad that’s all pulling in the right direction then football is relatively easy.
“But when you’ve people in the dressing room that potentially could be leaving, then that could have a huge impact on the whole team’s dynamic. Questions will be getting asked in the Rangers dressing room just now.”