The defender will not come cheap though, he has previously stated he does not want to leave Ibrox and Rangers don't need to sell unless a huge offer came in - as was the case in Alan Hutton's £8million move from Rangers to Spurs last season.
Rangers boss Walter Smith confirmed that no bid has been made for Cuellar but admitted it would be hard to turn down a big money offer.
Smith said: "If a club offers you big money for a player there is always pressure on you to give it serious consideration - especially after you've been knocked out of Europe.
"We're more susceptible to an offer, but so far we haven't had one and I hope that continues.
"We have no offer for Carlos and that is where we stand right now. We don't want one and are not seeking one and we don't need to sell the player, or any player, at this stage."
The 26-year-old Spaniard only signed for Rangers in July 2007 for a fee of £2.37million from Spanish side Osasuna and, should they choose to sell, are set to see a large profit.



