Rangers have been drawn to play Monaco or PSV in Champions League qualifying, if they get past Union Saint-Gilloise.
UEFA held the draw for the play-off round on Tuesday, with the Ibrox learning they will face the French side or Dutch giants.
Giovanni van Bronckhorst’s men, who were seeded for the draw, are scheduled to be at home first in the play-off tie, if they beat Belgians Union Saint-Gilloise.
The Ibrox side will travel to Belgium for the first leg of the third round qualifier on Tuesday night, with the return fixture in Glasgow on August 9.
If Rangers can get through to the Champions League group stages the club will gain access to TV revenue, commercial deals, prize money and gate receipts – which is expected to fetch between £35-40m.
Should the Ibrox side be unsuccessful in either the third qualifying round or play-off, they will go into the Europa League group stage for a fifth season in a row.