Ally McCoist says Arsenal should give back the shares sold by Craig Whyte.
During his time as owner of Rangers, Whyte sold the club's shares in Arsenal for £230,000 to Russian businessman and major Arsenal sharedholder Alisher Usmanov's Red & White Holdings.
The shares had formed a link between the two clubs that dated back to 1910.
Rangers legend McCoist believes the time is right for those shares to return to Ibrox.
He told talkSPORT: "I think the campaign should start right now for Rangers to get those shares back from Arsenal, which were within Rangers Football Club for years and years and years, and were so wrongly sold by Craig Whyte.
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"I had a conversation with Wrighty and a few of the Arsenal boys. That bond between the football clubs was always there and sadly, when those shares that we had from Arsenal got sold, I just felt a part of our soul left us mate."
McCoist was unimpressed with Arsenal's announcement on Wednesday that they are proposing 55 redundancies, saying: "Morally it's a big own goal, no matter what way you look at it, and in my opinion I don't think you can defend it.
"You really can't. I think the majority of Arsenal supporters would agree with that.
"It's indefensible to think that, for example, that scout they were talking about, I don't know how long, let's just say for example somebody's been at a club for 30, 35 years, they are the fabric of the club."
