They will renew their rivalry with Celtic after four years in the wilderness
The club lost around £30million of players after the financial crisis
Rangers lost an estimated £30million worth of talent when they suffered their financial meltdown, with a number of first-team players refusing to transfer their registrations to the Ibrox newco.
Now after the current side clinched promotion to the top flight, we takes a look at back at the men who made for the exits in 2012 and where they ended up.
SONE ALUKO - The former Aberdeen winger became a cult hero with the Gers faithful after netting a memorable solo goal against Celtic. Signed for Hull after his Ibrox exit and four years on is still there. Hopes to help the Tigers regain their Barclays Premier League place in the coming weeks.
STEVEN DAVIS - The Northern Irishman was named skipper just days after signing a new five-year contract with Gers in the summer of 2011. But within months his future was cast in uncertainty as Gers slumped into administration. Once liquidation was confirmed he signed for Southampton, where he has become a central figure for Ronald Koeman's team. Will skipper his country at Euro 2016 this summer.
JOHN FLECK - Once hailed as the new Wayne Rooney, the Murray Park product failed to live up to his hype. Having spent time on loan at Blackpool while a Rangers player, he moved to Coventry who were by then in League One. Fleck, who is still only 24, has spent four years with the Midlands club and is closing in on 200 appearances.
KYLE LAFFERTY - The £3million-plus signing from Burnley's career in Glasgow was something of a roller-coaster ride, with a number of ineffectual displays balanced out by a string of crucial goals as he helped Rangers to three successive titles.
Despite being a boyhood Rangers fan, he also quit the club before going on to spells with Sion, Palermo and Norwich. Recently joined Birmingham on loan in a bid to keep himself sharp ahead of Northern Ireland's European Championship campaign.
RHYS McCABE - Another exciting graduate from the Rangers youth ranks who decided to move on after the club's financial collapse. He signed a three-year deal with Sheffield Wednesday but made less than 40 appearances before being released last summer. Recently helped Dunfermline to the Ladbrokes League One title.
ALLAN McGREGOR - The Scotland stopper was another who enthralled the Ibrox support with this displays during Old Firm battles. Moved to Turkey for a short stint with Besiktas before returning to the UK with Hull in 2013. Won a FA Cup runner's up medal 12 months later.
STEVEN NAISMITH - With his intelligent movement and knack for a goal, Naismith was among Gers' most adored players before the financial problems swallowed the club whole.
But his decision to walk away after declaring 'We owe no loyalty to the new club. There is no history there for us' sparked outrage amongst the Light Blues faithful. He soon signed for Everton before moving on to Norwich this year for about £8million.
JAMIE NESS - Netted with a stunning 25-yard strike on his Old Firm debut but the young midfielder was another who decided to walk away. Failed to make a mark at Stoke and is now on the books at Scunthorpe United.
STEVEN WHITTAKER - The versatile right-back sat alongside Naismith at their press conference ahead of his move to Norwich. Capped recently for Scotland against Denmark but has not played for the Canaries since October.