The move has come after the BBC had apologised for any offence caused by the comment, after more than 400 complaints from fans who see references to "the old club" as malicious and inaccurate.
The BBC Trust's Editorial Standards Committee are to investigate hundreds of complaints about Mr Spence's comments on Sportsound.
Fans have escalated the complaint because they were unsatisfied with BBC Scotland's response and that no apology was heard from the presenter.
Mr Spence provoked the ire of Rangers supporters after making the comment while discussing attempts to end a boardroom war by appointing four additional non-executive directors.
Three months ago, the BBC Trust's ESC ruled that BBC Scotland had breached its guidelines on accuracy in reports about the financial collapse of the holding company running Rangers.
It upheld two complaints that the corporation had been wrong to use the terms "new" and "old" club.
Mr Spence, a former law student, said during the broadcast: "John McClelland, who was the chairman of the old club, some people will tell you the club, well, the club that died, [is] possibly coming back." Mr Spence further used the term "the old club, the old regime".
Complaints director Colin Tregear has now confirmed a new investigation will be launched that will include a "review of the correspondence so far, a discussion with the programme-makers and any other enquiries that might be appropriate".
A BBC Scotland spokesman said last week: "Jim Spence did not state that the club had died but, in the context of a discussion about former board members joining the club, commented that there are some people who hold this particular view."