The 25-year-old has decided against extending his contract which expires next summer and has communicated his message to Rangers.
The Gers, who spent just about £300,000 in the shape of cross-border fee to sign Aribo from Charlton Athletic, do not want to let him run down his contract and depart as a free transfer.
They will sell Aribo and it is suggested that, following his snubbing of a new deal, his exit could be finalised as quickly as next week.
Premier League sides Crystal Palace, Southampton and Nottingham Forest have all be credited with an interest in the 25-year-old.
Aribo has been instrumental in Rangers’ success in recent times and finished last season with 19 goal contributions.
His only goal in the Europa League came in the final against Eintracht Frankfurt in Seville.
Rangers manager Giovanni van Bronckhorst had hoped that Aribo would follow in the footsteps of the likes of Connor Goldson, Scott Arfield, Steven Davis and Allan McGregor in signing a new deal.
Aribo though is set for the exit door.
