The Glasgow giants are in search of a new manager after parting ways with Giovanni van Bronckhorst on Monday.
A number of names have been doing the rounds, including those of former manager Steven Gerrard, former assistant Michael Beale and Sean Dyche.
McManus feels that it is an ideal time for a new manager to come in at Ibrox because the fans have mostly given up on the hope of winning the league.
However, if they pick up two or three wins and manage to beat Celtic, McManus believes that Rangers will be right back in it and could well give themselves a chance of snatching the title.
“I think it is a decent time to come in as a Rangers manager. The expectations at the minute are slightly low for Rangers”, McManus said on PLZ Soccer.
“I think no Rangers supporter would think that they are going to win the league this season.
“So I think if a manager comes in and does well and maybe picks up two or three wins, beats Celtic, I think they are back in it.
“We all can agree that the league is done for Rangers, so I think it is a good time for a guy to come in at Rangers and take the reins.
“As I said, you are never beaten until it is mathematically impossible to win the league.”
Rangers are currently placed nine points behind rivals Celtic after 15 games and will take on Hibernian following the World Cup break.