The 16-year-old made five Championship appearances for the Lions last season, the first coming before his 16th birthday, and could recoup a significant fee for Millwall to reinvest this summer, despite his youth.
Rangers went on a remarkable, and lucrative, run to the final of the Europa League last season, coming a penalty shoot-out away from sealing Champions League football under Giovanni Van Bronckhorst.
Is it a good potential move?
Lovelace’s career prospects would increase with the security of a high profile move to the Gers and for that reason it is a good potential move.
The forward needs to be surrounded by the right people at this stage of his career, and if there is a strong development pathway in place at Ibrox for him, then a move there this summer would be smart.
For Rangers though, it will certainly be a project and a player that they look to develop, rather than someone expected to have an immediate impact in the first team.
Would he start?
If Lovelace could not force a start at Millwall last season, there is no chance that he does at Rangers.
A season or two in the youth setup would be more likely, with the potential that a loan move or some domestic cup action with the first team takes place in the medium term.
There is a lot of senior competition for places in the final third at Ibrox, Lovelace would only be viewed as a long term signing.
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What does he offer?
In just 44 minutes of senior action it is hard to tell just how much Lovelace can offer, with such a long time left in his development physically and technically.
For a 16-year-old Lovelace looks like a very strong athlete, hence why he was trusted with some senior action at such a young age, but for now the jury is out on whether he is ready to make a permanent step up.
The signing would offer some excitement for the future, with Kemar Roofe, Alfredo Morelos and others still very much ahead in the pecking order in the short term.