Rangers’ 4-1 win over Celtic on Sunday extended their lead over the Glasgow rivals to 23 points and they are now eyeing going through the league campaign unbeaten.
Celtic are looking at a summer of overhaul where several key players are expected to leave the club and they still do not have a manager in place for the moment.
Rae feels Celtic are facing an uphill task if they want to catch up to Rangers next season and believes that by not having a manager and director of football in place still, they are wasting crucial weeks.
He stressed if Eddie Howe is the man Celtic want, he should be in the club now as he feels waiting until the summer is going to cost the club as they need the decision-makers in their roles sooner rather than later.
The former Rangers star said on Clyde 1’s Superscoreboard: “I think they have an unbelievable job [trying to catch up to Rangers].
“I can’t emphasise the essence of time.
“Time is everything for Celtic at the moment and as the weeks pass by I think Celtic are getting further and further away because you have to get the manager in, you have to get a director of football in.
“And then to go back to the actual database they have that was compiled by Nicky Hammond, when you look at his last transfer window it was really poor.
“So, again, who actually is signing them? You are going to get into that recommendation and none of these people are in key positions.
“And if they have appointed Eddie Howe and he is waiting for the summer, I think that’s the wrong tactic.
“I think he should be in now.”
Celtic failed to beat Rangers in any of their five meetings in all competitions this season.