Ally McCoist embraced the prospect of Walter Smith returning to Ibrox last night and said it would be a "serious foundation" from which the club's new regime could build.

Smith is likely to be offered a directorial role at Rangers and the chief executive Charles Green has said the former manager could hold a position as an advisor and a member of the football board after the club is listed on the AIM.

McCoist welcomed Green's comments on Smith. The chief executive and the consortium who own Rangers are still attempting to convince fans of their motives and long-term plans, and having Smith's backing would be enormously influential for them, as it was when McCoist himself give them his support.

"Charles isn't daft," said McCoist. "He knows if he could get someone like Walter on board it would be a massive step for the supporters and the club. It would be a big step in having a serious foundation from which we could continue building.

"I think it would [give added respectability]. I'm not saying that at this moment we're looking for respectability – of course we are but we're not going out specifically searching for it – but someone of Walter's position and stature would naturally give you are great degree of respectability It's a 'no brainer' for me. I speak to Walter on a regular basis because he's my friend. He's not listened to me before and he's not going to listen to me now. He'll make up his own mind."

McCoist laughed off the suggestion that the return to the club of Smith, who won 21 trophies over two spells with Rangers, might generate some pressure on himself. The two are far too close for that to be an issue. "I'd have absolutely no fears at all about Walter coming back in any position, because I think he and I are of the same type, we want what's best for the football club. We're Rangers men, through and through."