Rangers sacked Giovanni van Bronckhorst earlier this week and are nine points behind league leaders Celtic in the Scottish Premiership standings.
They are expected to finalise the appointment of Michael Beale as their new manager soon but many believe the league is more or less done for Rangers and they could write off the campaign now.
However, Bell stressed that a club of Rangers’ size cannot think along those lines and insisted that there is still a lot to play for in the cup competitions.
The former Rangers star is also insistent that the Gers can get back into the title race if they can win the Old Firm games this season and feels they definitely have the potential to beat Celtic.
Bell said on Clyde 1’s Superscoreboard: “Rangers can’t write off the season in November, absolutely no chance.
“It’s going to be really difficult this season but there is still a lot to play for in the Scottish Cup and the league is still there.
“There are Old Firm games and if you can manage to turn them around, Celtic are a very good team but Rangers can do it.
“They have players to do it if they play at their highest level and they can invest in January, it could turn it around.”
Rangers were especially disappointing in the Champions League where they finished with the worst group stage record in the tournament’s history.
