The £11million signing from Spurs has failed to impress since joining from Dynamo Kiev and is currently negotiating a release from the White Hart Lane club.
Rebrov is training with West Ham and his agent yesterday confirmed that the player would love to stay in England, whether it be in the Premiership or Championship.
But Ian Holloway has spoken about the apparent bid, but it seems that the story has been pure speculation following a phone call from Rebrov's agent to Ollie.
Holloway said:
"His representative phoned me about him, but it is a bit pie in the sky. Varga (Rebrov's agent) is used to representing top, top players, but I told him what we would be able to pay him.
"If he can agree to that, then well and good. It's a nice dream - along with us winning the Double and a leggy blonde coming into the equation somewhere!
"It would be great to sign him, but I don't think he will come. I don't think he would get his left toe out of bed for the wages we would pay him."
Ollie also spoke of his desire to sign Frenchman Georges Santos from Ipswich Town on a free transfer.
"He's just the sort of player we need in the sort of situation we have at the back"
Rangers have got a mini-defensive crisis with only 3 possible fit centre-half's in the squad.