The 29-year-old was Ally McCoist’s first signing in a £500,000 deal but failed to live up to his ‘El Tigre’ nickname starting just seven matches.
Ortiz scored his only goal for Rangers away to Maribor in the Europa League but it wasn’t enough to prevent the club losing out to the Slovenian side.
It is expected to be a busy period at Ibrox over the next 48 hours with a number of fringe players linked with moves away from Rangers.
Matt Mackay and Kirk Broadfoot are expected to move out as speculation intensifies over Nikica Jelavic.
Everton are the latest club to be linked to the striker but are unlikely to match West Ham’s reported bid of £7m that was rejected last week before the Londoners dropped their interest.
McCoist has gone on record expressing his worries that a last gasp bid for Jelavic could be accepted by the club leaving him little time to bring in a replacement.
With a number of trialists coming in to Murray Park over the last fortnight McCoist has no shortage of options to move for if a bid for Jelavic is accepted in the closing hours of the transfer window.
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