Rangers have failed with a bid for Norwich striker Grant Holt.
The Ibrox club are seeking a replacement for leading goalscorer Nikica Jelavic, .
Holt, 30, is the Canaries captain and has scored nine goals in 23 appearances for Paul Lambert's side this season.
The powerful Carlisle-born striker has been at Carrow Road since the summer of 2009 after a £400,000 switch from Shrewsbury Town.
Rangers' failure to land a replacement for Jelavic leaves manager Ally McCoist short on striking options.
But club owner Craig Whyte insisted they had no choice but to accept Everton's bid for a player who joined from Rapid Vienna for £4m in August 2010.
"One, the player wanted to leave and there is no point in trying to keep a player who no longer wants to be at Ibrox," he said.
"Two, the club is simply not in a financial position to turn down offers for players which give the club a good return on its original investment."