By Wayne Veysey

27th Feb, 2021 | 7:45am

Sources: Major update on 'phenomenal' Davis & signing new Rangers contract

Rangers are hopeful Steven Davis will sign an extension to his contract and commit to at least another year, Football Insider understands.

Manager Steven Gerrard has made it publicly clear how highly he values the midfielder, 36, but has hinted it is not guaranteed he will stay.

Ibrox sources have told Football Insider that Rangers are offering Davis a one-year extension to his current deal, which expires at the end of May.

Club chiefs led by director of football Ross Wilson are keen to tie the Northern Ireland international down in the coming weeks.

He has been an integral member of the team that is unbeaten in this season’s Scottish Premiership and has reached the last-16 of the Europa League.

Davis delivered another display of authority and class in Thursday’s 5-2 thrilling win over Royal Antwerp.

Subscribe to Football Insider TV now

That was his 36th appearance of a remarkable season personally and for the team.

Celtic legend Frank McAvennie has hailed Davis’ excellence and suggested he is one of the three outstanding individuals at Rangers.

The central midfielder rejoined Rangers in January 2019 on an initial loan that was converted into a permanent deal at the end of that season.

The 124-times international has made 297 appearances for the Glasgow giants across two spells and is on course to be a Scottish champion for the fourth time.

Gerrard told the club: “Steven (Davis) is in good form and has been since returning from lockdown.

“His professional attitude and application are amazing. He returned from lockdown in phenomenal shape.”

In other news, Rangers have hit the jackpot with £8million cash windfall and they are set to more than double that sum.