Gers boss Michael Beale wants to strengthen his midfield options with the addition of Rankin and Gers chiefs are trying to deliver for the manager.
They travelled to Belgium recently and talks have been held, with dialogue claimed to now be continuing.
Standard Liege are claimed to be looking for in the region of £1.75m for a player who is now in the last six months of his contract in Belgium.
Raskin has refused to sign a new contract at Standard Liege and has been frozen out as a result.
Rangers face needing to come up with an offer which is acceptable to the Belgians if they want to successfully sign Raskin before the transfer window shuts.
Raskin has made 17 appearances in the Belgian top flight this season, providing four assists for his team-mates.
The midfielder is just four appearances shy of hitting the 100 mark for Standard Liege, but he looks unlikely to reach the milestone.