Smith is looking for new faces to strengthen his squad

"If we can find a player that will improve our team in this transfer window then we'll make an attempt to go for that player," said Smith.

"If we don't, then we'll stay with the squad that we've got.

"We've already had one or two enquiries for players turned down - I'm talking bringing players in."

Press conference: Rangers manager Walter Smith

Smith insisted Rangers had received no bids for striker Kris Boyd or midfielder Brahim Hemdani, who have both been linked with Birmingham.

He also ruled out letting fringe players such as Alan Gow and Kirk Broadfoot leave the club.

"I don't think we would be looking to let any boys in our first-team squad go at the present moment," said Smith.

"We still have Uefa Cup games, League Cup matches and Scottish Cup to play, as well as league games, so we'll need the bulk of our squad for this season.

"We won't be letting them go, no."

However, Smith is prepared to ship out younger players who are not likely to break through to the first team before the season ends.

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Allan McGregor benefited from loans at St Johnstone and Dunfermline and has established himself as the first-choice goalkeeper at Ibrox.

Midfielder Charlie Adam, also had a highly successful spell with St Mirren in 2005-06.

"I think it's been shown in the past with Allan McGregor and Charlie that there's a benefit there," Smith acknowledged.

"I think it's not something you would say no to, as long as the whole set of circumstances were correct.

"If someone was to come along and ask for one of our younger players especially, we wouldn't close the door on that entirely."