Rangers might have blown the majority of their transfer budget on the capture of Felipe Helander as Steven Gerrard confirms he is not looking for many more players, according to Jackie McNamara.

Speaking exclusively to Football Insider, the former Scotland international says that the influx of free transfers at Ibrox coupled with a reported seven-figure spend on the former Bologna defender suggests that there was not much money to spend in the first place.

Helander is reported to have cost Gerrard £3.5million, the manager confirming that he is only looking to add one more body to his squad while also trying to seal the exit of a number of players.

Having seen the Gers secure the likes of Greg Stewart, Jake Hastie, Jordan Jones and Joe Aribo on free transfers this summer, McNamara believes that Helander’s capture has taken its toll on the budget.

Asked if Gerrard’s comments coupled with the defender’s signing suggested at a lack of funds, McNamara said: “Possibly, yeah. They’ve spent a bit of money on him which he hasn’t really done up to now.

“The other ones he’s brought in it’s been free transfers or 50 grand which was a bargain for (Glen) Kamara in January. They haven’t spent any real money and this is the first, reported at around £3.25million.

“This is the first time they’ve actually spent a bit of money on somebody, it will be interesting to see how the boy does.”

Helander, 26, arrives at Ibrox having played 23 times in Italy last season, with a total of 63 appearances for Bologna under his belt.

The defender also has eight caps for Sweden to his name since his debut back in 2017, including playing the full 90 minutes in both his country’s European Qualifiers at the start of June.

In other Rangers news, it can be REVEALED that the club have reached a verbal agreement to sign an attacker valued at £10million-plus.