And although he understands the possible ramifications for Scottish football were its most successful club to leave it behind, he maintains the Light Blues are entitled to be selfish.
The former Gers winger and English international was back in Glasgow today promoting ESPN’s coverage of this weekend’s Third Division tie at Berwick.
It was ironic that as he looked ahead to a match across the border, Walters should discuss the prospect of his old team doing that sort of thing on a more regular basis.
Although he is based back in his native Birmingham now, the 48-year-old has been baffled by some of the sanctions applied to the Ibrox outfit as he has looked on from afar.
Voted out of the SPL and placed in the Third Division of the SFL as an alternative, the 54-times national champions are currently working their way back up the structure.
As they do so, chief executive Charles Green is investigating what other options might be open to the club.
He wishes to challenge rules currently in place which prevent cross-border competition as he knows how beneficial being in England could be for Rangers in the long run.
And Walters would like to see the Light Blues make the move after the most turbulent period of their history.
He said: “Maybe Rangers should be a bit selfish, try to go into the English leagues and build up that way. With what has happened, it’s an avenue they should look at.
“That would definitely be a more commercially viable route and down in England, it seems as though Rangers were a bit harshly treated in some respects.
“For me, if that’s what happened, why shouldn’t they look after themselves and do what they feel is best for them?
“Being in England would be more lucrative for them and in the long run they would compete with Manchester United, Liverpool and the rest.
“I don’t think it would be a bad thing if they tried to get in, although I understand the problems there would be in Scotland if Rangers left the game there.”
On a number of occasions previously, direct entry to the Premiership by both Rangers and Celtic has been mooted and rejected each time.
But there seems to be more appetite for the idea the Light Blues could try to gain admittance at Conference National level instead.
Going in at the fifth tier of the English game is a suggestion Walters backs and he added: “That’s the only way it could happen.
“I think there would be lawsuits all over the place if a team was pulled out of a big league so that another one could go in.
“That would be the fairest way to do it and although it would maybe take five years to get up to the Premiership, it would be a good long-term plan.
“Without a doubt, I think people would accept Rangers there. Without being harsh, money talks and Rangers have so much potential.
“If they can get 50,000 fans into their own stadium and lots of people at away games, that’s something a lot of people would like.
“I don’t think it (starting at Conference level) would be a backwards step. Rangers should always be looking at the bigger picture.
“Next year, just being in the Premier League is worth more than £50million so if they can hold on for a few seasons to eventually get that kind of money, it’s a good idea.
“It is a bit selfish but after what has happened, I don’t think anyone could blame Rangers if they said they were going to look after themselves and get into the best league they can.
“If they do that, they could make lots of money and put the best team they could on the field for the supporters. That’s what matters most so that they can compete with everyone.”