The transfer, if completed, would give Rangers a much-needed injection of cash and reduce their wage bill as administrators look to cut costs at the club.
A statement on the club's official website read on Wednesday: "Rangers have confirmed today that a fee has been agreed with Busan but that negotiations on the transfer are still continuing."
McKay joined Rangers from Brisbane Roar in August for a fee after captaining his former side to the A-League title.
However, the Australia midfielder, who had been voted his country's player of the year, made only three first-team appearances for Rangers.
The 29-year-old had a brief spell in South Korea in 2006 when he joined Incheon United on loan during the Australian close season.
Administrators have not announced any job cuts at Rangers since being appointed on Valentine's Day and have said redundancies are not inevitable, according to manager Ally McCoist.
The administrators have so far focused on probing recent financial dealings around the club, on Tuesday confirming that owner Craig Whyte had paid off an £18million debt to Lloyds Banking Group with money raised from future season ticket sales.
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