The 21-year-old former Siena midfielder has made just one substitute appearance since moving to the Glasgow giants on a free transfer last September.
The lack of first team action has led Stella to request a move away from Rangers, which manager Ally McCoist has agreed to.
"Francesco has made it clear to us that he is disappointed at the lack of first team matches, which I totally understand," McCoist told the Rangers website.
"We will not stand in his way because we feel at this stage he wouldn't benefit the first team.
"He is in the process of leaving the club now and he goes with our best wishes."