Youssef Chermiti was stretchered off during Rangers’ match against Hibernian on Sunday.
The striker was replaced by Ryan Naderi after 36 minutes at Ibrox.
It came just hours after Galatasaray saw a bid rejected for the 22-year-old.
According to Sky Sports, the offer would have represented a club-record sale for Rangers.
Their current record of £19million was set in 2023 by Calvin Bassey’s move to Ajax.
According to reports in Turkey, Galatasarsay’s verbal approach was worth €25million (£21.5m).
However, Rangers rejected the offer, with their valuation of Chermiti closer to €40million (£34.3m).
Any potential move now looks in doubt after an injury setback for the Portugal Under-21 international.
Chermiti was stretchered off before half time after suffering a nasty-looking injury having fallen by the advertising hoardings on the byline at Ibrox.
He had stayed down off the pitch after chasing down a loose ball in front of goal.
His withdrawal came after the hosts had conceded a 12th minute penalty to trail against Hibs.
Josh Campbell converted from 12 yards to open the scoring and heap further pressure on Derek McInnes.
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A late own goal from Miguel Chaiwa appeared to have rescued a point for Rangers.
However, Callum Wright grabbed a 93rd minute winner as the home side suffered their first league defeat of the season.
It means McInnes is still awaiting his first win as Rangers manager since joining from Hearts this summer.
His side were held by Dundee United on the opening weekend of the season before losing to Jagiellonia Bialystok in the Europa League on Thursday.
Chermiti at Rangers
Chermiti signed for Rangers from Everton on a four-year deal last summer.
He had previously spent seven years with Sporting Lisbon in his native Portugal after joining the club’s academy in 2016.
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The forward has also been capped by his country up to Under-21 level.
Since joining Rangers, Chermiti has scored 15 goals in 42 appearances for the club.
McInnes reaction
Speaking to Premier Sports following his side’s latest defeat, McInnes admitted: “We were guilty of passing up opportunities in the first half and not playing forward enough.
“I’ve seen it back, I don’t think it’s a penalty but we have a lot of the game to try and rectify that. I thought it was very soft and surprised the referee is brought over (to the monitor) for it.
“When the ball did go into our strikers we were far more effective and I felt the equaliser was deserved and we wanted to win the game. I can’t fault my players’ effort.
“There are little things going against us at the minute but we have to stay strong, we’re not as bad as people think.
“At the minute we are trying to work boys back to the same level of fitness and trying to manage that situation.
“I understand the fan frustration, they want and expect to see their team win. I share the frustration.”
