Beattie, 33, was loaned out to Blackpool by the Scottish outfit last season and has now been declared surplus to requirements at Ibrox.
He failed to find the net for the Tangerines in nine league appearances, but his representatives have circulated his name to a number of clubs ... including Newcastle.
The Magpies are already being linked with a pay-as-you-play deal for the former Gers star.
Rangers confirmed the forward had departed from the club in a statement: "A deal has been agreed with Beattie which terminates his contract and makes him a free agent.
"Beattie was signed at the beginning of last season by [manager] Walter Smith and made a small contribution early on but then suffered injury and was loaned to Blackpool."
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