Fans of the Ibrox club probably thought they had their man earlier this week when Aberdeen confirmed their approach for the Scottish boss.
Of course, that was rejected at the time, but McInnes missing training and a press conference suggested he was unsettled and seriously considering the interest from the club he played for between 1995 and 2000.
Then the Aberdeen manager surprised us all by pledging his allegiance to the Pittodrie club, claiming he didn’t want to damage the relationships he’d built in the Granite city.
So Rangers will continue with Graeme Murty in temporary charge into 2018, but who should be on their radar to take over permanently?
Fans will have their different views on that, as will Dave King and the decision makers at Ibrox.
But bookies have installed Karanka as the favourite for the job at the moment, with Betfair giving him odds of 13/2 to become the next Rangers boss.
The Spaniard is currently out of work after leaving Middlesbrough in March of this year – and you’d have to say he’s got one of the strongest CVs of available managers.
Karanka had an impressive playing career in Spain with Athletic Bilbao and Real Madrid before spending three years as a coach at the latter ahead of getting the Middlesbrough job.
And at Boro he took them from the Championship back into the Premier League before finding the battle for safety too tough in his final season.
Surely Rangers would be wise to look at someone like Karanka for the job?