The midfielder has no future at Ibrox and needs to leave the club urgently to kickstart his career again. It seems like Tommy Wright wants to give him that opportunity.
Is this a good outcome for everyone?
Rangers outcast Holt would add depth to the St Johnstone midfield
Holt signed for Rangers in 2015 and was a part of the Mark Warburton side which earned promotion to the top flight of Scottish football. He spent last season out on loan at Fleetwood Town, making 36 appearances.
This move makes sense for Holt. Rangers are never going to give him a chance, so a move will allow him to play football elsewhere. It would benefit Rangers to get him off their wage bill as well.
Would this deal be a decent one for the Perthshire side? Wright has used Murray Davidson, Liam Craig, Ross Callachan and talented 20-year-old Alistair McCann in central midfield this season.
Holt would add a bit of depth to the position. He was decent enough for Fleetwood last year in League One, proving he has the quality to be a success at McDiarmid Park.
This move could be good long-term for both parties too. Holt is out of contract at the end of the season, so perhaps there may be an option for Wright to snap him up permanently for nothing next year.
St Johnstone need a bit of depth in the middle of the park and Holt can provide that. Rangers will be happy to get him off their books at this point, so this is a good deal for everyone.