Boss Ally McCoist admits Rangers still have some way to go before they are back to the level where they can expect to feature in cup finals and win trophies.

The Light Blues travel to Falkirk on Saturday for the fourth round of the William Hill Scottish Cup and have been installed as favourites by bookmakers'.

McCoist is hopeful of an extended run in the competition but acknowledges his current side cannot harbour the same high expectations as past Rangers teams following the club's well-publicised fall from grace.

He said: "It is strange and it's different. We know where we are now.

"Two or three years ago, we were in the same boat as Celtic.

"Everybody expected Rangers and Celtic to reach cup finals. That was the expectation.

"Sadly, we are not there just yet but that's where we want to get back to, where there is an expectation level about us reaching cup finals and doing well."

He added: "I would include ourselves with teams in the top-flight who are hopeful of having a cup run.

"Celtic would be the vast majority of people's favourites to win the cup.

"I would include ourselves in the category below that. That's the hopes we have, similar to perhaps Motherwell and Dundee United.

"We have high hopes of going on a cup run but I would hope we would be judged more on the league campaign, which is of paramount importance, because we have to get out of the division.

"That said, this is a cup competition we want to do well in. It would be great to give our fans a run in this competition."

Rangers were dumped out of the League Cup by Falkirk in 2011, before coming out on top against the Bairns in both the League Cup and the Ramsdens Cup last season.

McCoist said: "I think the bookmakers' have got us as favourites but favourites don't always win.

"I hope in this case they are right and we do win.

"It's not something that concerns me. We have been favourites before and won and we have been second favourites and won.

"All we are interested in is being ready for a very competitive game and winning it."

McCoist believes Rangers face "cup ties" every week in Scottish League One against sides who raise their game against his players.

And he hopes their experience of such matches will stand his side in good stead now that they are facing a cup tie for real.

He said: "In the vast majority of away games in particular in the league it is like a cup tie atmosphere.

"I would hope that would give us a realisation of what to expect tomorrow.

"We are now playing a team above us, away from home.

"Our league form has been excellent and we have been delighted with it but this will be a big test for us.

"We are really aware of the importance of the game and we would like nothing more than to give our fans an opportunity to go on a cup run.

"We are playing a team who reached the semi-final of the cup last year and they've got a good cup pedigree."

Meanwhile, McCoist refused to comment on a meeting between Rangers fans and a group of shareholders seeking changes to the Ibrox boardroom on Thursday night.

During the summit, Rangers board nominee - and former oldco director - Paul Murray questioned whether former chief executive Charles Green may still be trying to pull the strings at the club.

McCoist - who clashed with Green earlier this season - said: "I don't know the specifics of it, whether that's the case or not.

"The most important thing I've got to worry about is the 90 minutes tomorrow.

"I wouldn't talk about last night's meeting. I wasn't there, I wasn't privy to any of the information.

"I've got a very important game tomorrow to worry about."