Noel Whelan asked the Rangers to benefit from Alfredo Morelos this summer.
The Colombian has yet to sign a new contract with the club, and is believed to be stalled in discussions.
The Rangers have now postponed discussions about a new deal.
Whelan believes rangers should take the money and invest in two or three new players this summer.
He said to Football Insider: "Who knows what will happen to Morelos? If they can sell it, I would sell it.
"Take the money and go out and buy two or three strikers who do a job for rangers. Get better staff on this front than Morelos, someone who's not a big baby that you have to take care of all the time. "
Morelos has been associated with a change from Ibrox for some time and it will be interesting to see what happens at the end of this season.
He is the best player in the club and his departure will be a blow to the Scottish giants. However, he carries a lot of luggage and rangers could do without it.
The striker has often let his team down because of his temper problems and has not quite managed to control his aggression.
If he can work on the mental aspect of his game, he could become a top-notch player.
Rangers need a high-caliber squad to challenge Celtic for the title, and a summer overhaul could be in the offing. You urgently need depth.
The sale of Morelos could fund another renovation for them this summer.