The former Ibrox director held discussions with chief executive Craig Mather and finance director Brian Stockbridge last Monday in South Africa and, subject to board and shareholder approval, King will take up the role ahead of the forthcoming annual general meeting.
King has completed the necessary paperwork and expects no issues with the Scottish Football Association's fit and proper person criteria, or the regulations of the Alternative Investment Market, which the Rangers International Football Club shares are traded on.
The Glasgow-born businessman did, however, emphasise his return is not dependent on the appointment of any other directors.
It had been reported that King wanted Paul Murray appointed to the board at the same time.
"My involvement is not linked in any way to any other individual, albeit I have my private thoughts as to certain individuals that might add value to the club," King said on the Rangers website.
"It is sad that continued disunity between the fans and other stakeholders is eroding our ability to be ready for the step up to the Premier League.
"It was also made clear by Mr Mather and Mr Stockbridge that Rangers are not in need of an immediate financial injection but we agreed that now is the time to commence a new round of funding to ensure that it is available ... when required. I wish to lead that exercise."
Mather added that he would be "delighted" to have King involved at the club and that the South African-based businessman is willing to work with the rest of the current Board.
"Rangers will be back at the top sooner rather than later and Mr King, who has made it clear that he is happy to work with the current directors, would be a great asset."