The brand will become the official supplier and licensee of replica merchandise for the club, with the agreement set to start next season.
Rangers chief executive Green said: "Rangers and Puma are massive global brands and this relationship will undoubtedly improve the distribution of club merchandise in the UK and overseas.
"Puma are renowned for their technical innovation and expertise in product design and support systems and we look forward to enjoying a productive and successful partnership over the next five years."
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