Midfielder Faye was wanted by several clubs

And the 30-year-old revealed that he had chosen the Ibrox club ahead of English Premier League clubs Birmingham City and Portsmouth.

In doing so, he had taken the advice of former Rangers and Newcastle defender Jean Alain Boumsong.

"He told me good things about Rangers and I wanted to play in the Champions League," he said.

"Rangers are a very big club with a big support, just like Newcastle, and I have accepted a big challenge."

Faye hoped that he would secure a permanent transfer at the end of his year in Glasgow.

The midfielder joined Charlton from Newcastle United for �2m but could not prevent the London club being relegated.

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He had moved from Auxerre to Portsmouth for �1.5m in 2003 before heading for Newcastle for �2m.

Faye has made just one start for Charlton this season, plus one appearance as a substitute.

There is speculation that Faye's arrival could smooth the departure of Brahim Hemdani.

The French-Algerian is reportedly looking for a move out of Ibrox as he does not believe he will be a regular starter under Walter Smith this season.

Osasuna have made an approach, but it appears that Rangers are holding out for a larger fee.

Meanwhile, Rangers have missed out on the signing of Serbian left-back Dejan Stefanovic.