Sky Sports understands Chelsea starlet Islam Feruz has agreed a loan move to Russia with FC Krylia Sovetov.
Rotherham boss Steve Evans has failed in an audacious double swoop for Watford duo Lewis McGugan and Lloyd Dyer.
Rangers said Traynor, who left his role with the Daily Record on Sunday and has ceased working as a BBC Radio Scotland presenter, would oversee the development of all of the club's media platforms from early next year.
A statement read: "James joins Rangers following a distinguished journalistic career with The Herald, Express and Daily Record newspapers as well as being a presenter with the BBC.
"In his role at Ibrox, James will be supported by the Rangers Media editorial team, the press office and external media advisers, Media House."