Graeme Murty does not have to oversee a Rangers victory over arch-rivals Celtic in Sunday's Scottish Cup semi-final at Hampden Park in order to stay at Ibrox, according to Gers great Ally McCoist.

Murty took caretaker charge of Rangers after former manager Pedro Caixinha was sacked in October but is still waiting to hear if he will get the job full-time as chairman Dave King mulls over a permanent appointment.

Rangers are currently second to Celtic in the Scottish Premiership table, but are a huge 13 points behind the reigning champions and their fellow Glasgow giants.

Their sometimes inconsistent form has led to questions over whether Murty, a former Rangers Under-20 coach, will be entrusted with the pre-season transfer budget ahead of the new campaign.

But McCoist, a former Rangers striker and manager, is confident King won't make a decision based solely on the outcome of Sunday's Cup tie.

"I don't think the chairman Dave King will be saying he has to win the game or he's not getting the job," McCoist said Tuesday at an event for Cup sponsors William Hill.

"I think you have to take a step back and weigh everything up. Has there been an improvement in the Rangers team and the squad, a better level of player and more consistency? Yes."

He added: "So there's a lot of pluses -- but the question is: Has the improvement been enough for the board for Graeme to get the job?

"Or do they believe someone else could come in and make a quicker improvement?

"This weekend is a must-win game as all Rangers games are -- but I would say it is totally wrong to say this is Graeme's last chance of getting the job."

King released a statement on Monday praising Murty for the job he had done thus far but without confirming whether he would be in charge next season.

Former Rangers and Celtic defender Steven Pressley has said King had added to the pressure on Murty ahead of an Old Firm game but McCoist took a different view.

"If you read Dave's statement, I don't think there's an awful lot wrong with it," said McCoist. "Maybe the timing will have surprised a lot of people.

"But from where I'm sitting, he hasn't said who or who isn't getting the job.

"He's very aware of the fact that in most people's opinion, Graeme has done a very good job so far and would certainly come into the running longer term to get the job."

And McCoist added King's statement had been taken the wrong way.

"I think a lot of people have interpreted Dave as saying he (Murty) isn't getting the job -- but I certainly haven't taken that from reading the statement.

"He's 100 percent correct when says it is an unbelievably important appointment. Probably as important as it has been in many, many a year.

"But he didn't say Graeme wasn't getting the job."