Rangers began life in SFL Division Three with a 2-2 draw against Peterhead but it also off the field that the club's fortunes need to be rebuilt.
Chief Executive is looking for new investment and it is reported Mike Ashley is prepared to invest.
The Scottish FA is set ratify the move on the condition Ashley owns no more than 10% of Rangers and has no personal role in running the club.
It is understood that as part of the deal Rangers will be able to loan up to nine Newcastle players
Ashley's Sports Direct firm will then take over Rangers' replica kit merchandising operation from JJB Sports for the club.
JJB Sports and Rangers entered a 10-year merchandising contract in 2006, when the Glasgow club received an initial payment of £18m with a guaranteed minimum annual royalty of £3m.
Negotiations are under way with JJB Sports to end their retailing contract.
Any Newcastle players moving to Rangers would need to do so before the end of this month, when a year-long signing embargo comes into place for the Scottish Division Three club.
Under the terms of the agreement with Newcastle, Rangers are also likely to play the Magpies in a friendly who Ashley bought for £134m in 2007.