The Ibrox club's board declined to confirm or deny whether it was aware Mr Green, who led a consortium that bought the club in May 2012, may be seeking a way back in. But supporters' groups cast doubt on the claims, putting it in the context of ongoing misinformation.
One fans' group spokesman said there would be meltdown if the outspoken Yorkshireman came back to Rangers for a third time, insisting he had burned bridges with both supporters and investors.
Reaction among Rangers supporters on social media showed them to be almost entirely hostile to any Ibrox comeback by Mr Green.
It was claimed yesterday that Mr Green, who resigned from his post last year, had spent the last week in talks with potential investors.
Rangers plan to launch a share issue in a bid to raise £8m and it has been claimed that if Mr Green, who returned for a spell as a consultant before selling his shareholding, is to be successful then he would need to convince shareholders to sell to a new consortium.
Chris Graham, spokesman for the Union of Fans group, said: "You've got to see this in the context of ongoing misinformation regarding Rangers.
"But there would be meltdown if he came back. Even the spectre of it horrifies most fans."
On Twitter, Rangers fan Andy McKellar said: "If you really want to put a stop to season-ticket sales then Charles Green returning would certainly achieve it. Hopefully a nonsense story."
Mr Green stood down from the chief executive's post citing negative publicity during an independent probe into claims of undeclared dealings with former owner Craig Whyte, which the investigation found to be baseless.
On Friday, the club revealed the boycott of season tickets, backed by the Union of Fans and Dave King, had seen sales slump to just 17,000.