The London-born Nigerian international moved to Ibrox this season after three years with Aberdeen, having previously had an inauspicious beginning to his career in England with Birmingham City where he failed to make a single first team appearance. However, 23-year-old Aluko has impressed in his 17 starts for Rangers, scoring six goals including the opener in the recent derby with Celtic, and his form has prompted Rayo to offer him an exit route from the Scottish Premier League to La Liga.
Rangers hold the option to extend his contract, which runs until the end of this season, for a further two years, but with the Glasgow club currently in administration doubt remains over his long-term future and the Scottish media believe it will not be an option to renew his current agreement.
Talks are already understood to have taken place between the player’s representatives and the Madrid outfit, and although Rayo themselves are in administration they are confident of securing him with Rangers’ finances in such a delicate situation.
Although he played for England at youth level, Aluko chose to accept an offer to represent Nigeria and made his debut for the national team in a friendly with the Republic of Ireland in May, 2009. In April the following year he was named in the provisional Nigeria squad for the 2010 World Cup but failed to make the final cut.