According to Kicker (via Glasgow Live), Glasgow Rangers transfer target Salih Ozcan has agreed a new contract in principle with current club FC Koln.

The Lowdown: Rangers eye Ozcan

The Gers have been linked with a move for the 23-year-old midfielder this summer.

As it stands, the Germany under-21 international's contract is set to run out at the end of this month (Transfermarkt), but it seems that there has been an update in that regard.

The Latest: Ozcan set to sign new contract at Koln

As per Kicker (via Glasgow Live), Ozcan is closing in on a new contract at the German club.

He has agreed a deal in principle, with the influence of new Koln manager Steffen Baumgart said to be an important factor in the midfielder's decision to stay put.

The Verdict: Disappointment

You can certainly see why the Gers were in pursuit of Ozcan this summer. A 23-year-old with 64 Bundesliga appearances to his name, he started both the semi-final and the final of the European Under-21 Championships this summer as Germany won the trophy.

Valued at £3.15m by Transfermarkt, the Gers would have been able to secure a bargain if they could have captured his services on a free transfer. It appears that he is set to remain in his home nation, though, which means that Ross Wilson and co will have to go back to the drawing board in the search for midfield reinforcements.

In other news, Rangers are set to ramp up their interest in this 27-year-old.