The Rangers Fans Fighting Fund could take action against clubs who vote in favour of new SPL financial fair play rules on Monday.
The proposals would increase the points deduction for teams in administration from 10 points to at least 15, or a third of the previous season's tally if greater, as well as ensuring that any "new" club would be deducted 10 points for two seasons and lose 75% of their league income for three years, both of which could affect the Ibrox club.
"We will wait to see what the SPL and the SFA do with the supposed sanctions and, after that, we as a body will take appropriate action against either the governing bodies or the individual clubs we feel have been detrimental to Rangers Football Club," said former Rangers player Sandy Jardine, who now works for the club.
"There is nothing off the table, we will wait and see what the SFA and SPL do.
"They might not take any action, which is great. But if they do then we will address these actions in an appropriate manner."
The most likely course of action for the fans would be a boycott of away games, which would have negative financial implications for any club hosting the club.
