Ally McCoist has revealed he wants to manage Rangers if Walter Smith quits when his contract expires in January.

McCoist, Smith's assistant manager at Ibrox, also insisted he did not know when his own deal was due to end - although it is widely believed his contract is aligned with Smith's.

Smith caused a sensation after Saturday's Clydesdale Bank Premier League draw with Hibernian when he claimed Rangers' spending was being overseen by Lloyds Banking Group, with the club reportedly around £30million in debt.

McCoist, Rangers' record goalscorer, said: "Myself and Walter are in the same boat as the players in that we don't exactly know what's going to happen in the immediate future.

"The most important thing is the club and it needs stability. The club is up for sale and an ideal situation - and I speak as a fan as well as an employee - is the person who comes in is someone who has Rangers' best interests at heart.

"If that happens then no-one will be happier than me and Walter Smith. I won't lie; it would be my dream to remain involved with the club if Walter decides to move on at the end of his contract.

"I have grown up with Rangers and it would be fantastic to manage the club. I don't want to go anywhere, I am happy where I am.

"Circumstances are not ideal at the moment but if they change and the people in charge still want me at Ibrox then I will be there.

"I have to stress, the future of the club is more important than everything else. If the club is stable, anything is possible after that."

Asked if he had discussed the possibility of succeeding his mentor, McCoist added: "I haven't and the reason I haven't is because I do not know what is happening and I am being honest about that.

"But I will say that managing Rangers would be absolutely wonderful. If it happens, fantastic. If it doesn't, we move on and move on in the hope that Rangers' future is solid."

It is anticipated Smith, 61, will retire from football management in the New Year but McCoist, 47, said he does know when his own contract expires.

"I promise this, I do not know when my contract ends. I am brutally honest about that and I do not say that in a flippant manner.

"The reason why I do not know is because it's not something I really concern myself about. Rangers is more important than me or any individual and Rangers' welfare is my only concern.

"People in Scotland, England, Northern Ireland and all over the world are going crazy with worry about the club. That shows how big Rangers is - it's more than football, it's life.

"Never mind myself and Walter, there are players at the club who are worried about their future. There are hundreds and thousands of fans to be concerned about too."

McCoist applauded Smith's "honest" revelation about the cash crisis at Rangers.

He said: "Walter was only being honest. I don't think he can take any stick for saying what he said.

"There are fans all over the world and they deserve to know the news and the expect to be told day to day what is happening at the club.

"The manager has told everyone the truth and I do not see anything wrong with the way he has handled the matter.

"This whole situation is hurting Walter Smith - he knows more than anyone that he has be up front with the fans.

"Of course, I am his biggest supporter but, as a fan, I would have expected the truth to come out too.

"Walter will be first to admit he has made mistakes in football and we all do. But one thing he will never be accused of is dishonesty."

Smith also claimed on Saturday that Rangers' entire squad had been up for sale since January, the month in which Kris Boyd rejected a £3million move to Birmingham.

Monday saw Lloyds respond with a statement claiming they neither operated nor ran Rangers and that there was no need to offload players in the next transfer window.