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Davide Ancelotti has been approached about becoming Rangers manager but the Scottish Premiership club have not yet established a leading candidate for the job.
Spanish newspaper Marca reported on Monday that the 35-year-old Real Madrid assistant, who is the son of outgoing Bernabeu head coach Carlo Ancelotti, has been identified by 49ers Enterprises, who are in talks to take over the Ibrox club.
However, Rangers are one of several options for Ancelotti, along with Italian club Como. In the meantime, he will start work under his father with the Brazilian national team.
The Ibrox club have neither confirmed nor denied an interest in Ancelotti but are continuing discussions with potential managers.
Sources have indicated they are still in the early stages of the process and that suggestions of a leading candidate are inaccurate.
Five-time Champions League-winning manager Carlo Ancelotti, 65, will depart Real at the end of the month to take on the Brazil head coach job.
Italian Davide Ancelotti previously assisted his father at Bayern Munich, Napoli and Everton and was on the books of AC Milan and Borgomanero as a player.
Balague adds: "Davide will be with his father for the first two weeks of June, and then, if something comes up, he'll start on his own. If not, he'll stay in Brazil."
Barry Ferguson has overseen Rangers' past 13 games as interim head coach following Philippe Clement's sacking in February.
The 45-year-old will take charge of Rangers' final home game of the season against Dundee United on Wednesday, before they end their campaign at Hibernian on Saturday.
He expects his and Rangers' future to become clearer over the next few days and insists he would bring success to the club if given the job on a permanent basis.
"In terms of the update on myself, that's going to remain private, but I'm sure you'll see over the next few days, hopefully there's going to be movement," he said.
"I've mentioned a number of times, it has to get moving in terms of who's going to be the manager because you've got pre-season coming up, there's players out of contract, players back on loan etc."
Ferguson says he backs himself over any of the candidates linked with the job.
And he admits he would be disappointed if he did not get the chance to prove himself over a longer spell.
"I knew when I took the job that I could make a difference," he added, having overseen five wins and four draws from the past 13 matches.
"Has it been the way that I've wanted it to go? It's not been perfect, I get that, but I think I've done okay.
"I can do better, but if you give me the tools to go and do that, I know I'd be a success. I know I can do the job, but if somebody else gets it, I'll still get behind them from a distance.
"Will it hurt me? No, I'll be disappointed. I'd be lying if I was sitting here saying otherwise, but I'm a big boy, I'll get on with it and I'll move on.
"Whoever's in the job I hope gets the full support of everybody, because this club's not been successful enough for a number of years and now what an opportunity you have to go and bring that success back."
