Richard Keen, QC, the Dean of the Faculty of Advocates, who successfully defended one of the men accused of the Lockerbie bombing, is understood to have been approached to represent the club at an appeal.
He will be paid by the Rangers Fighting Fund, which was set up to receive donations from ordinary fans after the club went into administration in February.
The move is fully supported by administrators Duff & Phelps following Monday's £160,000 fine and 12-month embargo on signing players, for bringing the game into disrepute after Craig Whyte's takeover last May.
Andy Kerr, of the Rangers Supporters' Assembly, said: "There was a strong body of opinion that we have to challenge this decision but we need the expertise to do so.
"The fighting fund is going to support that and the expertise will be essential if we are to get the expedited appeal that we want.
"We can shout and bawl and jump up and down but the way that we can address the appeal is to get the necessary legal representation."
Mr Kerr said there was up to £500,000 available from personal donations, fundraising events and the sale of rosettes, scarves and pin badges.
He said the fund had made several payments so far, including one to Dundee United to cover outstanding ticket money.
A source close to the administrators said: "The supporters have been fantastic in raising cash and putting it forward for good uses and selected projects. That is hugely appreciated by the administration team."
Mr Keen, who is known as the "Rottweiler" in legal circles for his courtroom tenacity, was unavailable for comment last night.
A Rangers spokesman said: "Rangers Fighting Fund is to pay for a QC to represent Rangers Football Club when the appeal is heard at the SFA. Once we learn the date of the appeal, we will announce which QC is to represent the club."
Duff & Phelps had described the penalties as "draconian" with Rangers manager Ally McCoist claiming the sanctions could "kill" the club as it struggles to get back into business.
Police have urged Rangers fans not to turn to the internet and social media to vent their anger over the punishments with a warning that abusive supporters will be pursued.
It comes after Strathclyde Police launched an investigation into threats made against the three panel members responsible for the decision after their identities were leaked online.
Eric Drysdale, a director of Raith Rovers, former journalist Alistair Murning and Gary Allan, QC – who were appointed to the panel on the basis of anonymity – have all been spoken to by officers over their security and the safety of their families.
Mr Drysdale claimed that McCoist may have been responsible for some of the fans reaction given that he called for the names of the panel members to be made public in a bid for accountability over the SFA decision.
When asked if McCoist had encouraged the level of reaction which led to police involvement, Mr Drysdale said "I think the answer to your question is yes, it may have antagonised some people.
"I have nothing whatsoever against Alistair, he's a good guy, I have always respected him.
"But I wish he hadn't said what he said, I must be honest."
Earlier, McCoist said he was "disgusted" that some fans had engaged in threatening behaviour following his own comments.
In a statement, he said: "I would not for one moment want anyone to interpret my remarks as a signal to engage in any form of threatening behaviour.
"Such activity disgusts me and anyone who engages in it does Rangers Football Club nothing but harm. No Rangers supporter should get themselves involved in it – not now nor at any time."
Fans are planning a march and protest tomorrow at the SFA headquarters against the decision.
Assistant Chief Constable Bernard Higgins, said: "What is clear is that we are still seeing far too many people using the internet and social media to issue offensive or threatening messages to people. This is totally unacceptable and, in many cases, a criminal offence.
"You cannot sit in your house or pick up your phone and make threats or offensive comments about people without there being consequences.
"The overwhelming majority of people in Scotland are totally appalled by the types of comments that we, sadly, are continuing to see. They expect the police to take action. My message today is be assured that's exactly what we will do."