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The 16-year-old committed to the club until 2029 through a virtual agreement on DocuSign.
Rankin's decision to sign at the earliest opportunity highlighted his eagerness to secure his future at the club and focus on his development.
Rangers' swift action in securing Rankin's commitment is a testament to the club’s confidence in the young midfielder's potential.
Reflecting on his contract signing, Rankin told Rangers Review: "I didn’t get the Ibrox experience.
"I would have liked to, but it was signed and that is the main thing.
"I had to be adaptable.
"It was fine with me.
"Hopefully in a couple of years, I get to do it with a different contract and an extension.
"That is the main goal now."
Rankin was the third player born in 2010 to sign a professional contract with Rangers, following Ashton Scally and Kyle Glasgow.
All three players were reportedly the subject of interest from major English clubs, but the trio chose to continue their development at Rangers.
Rankin said: "I knew this was going to be the place for me, but you need to look at your options.
"I was glad to get it done.
"I am trying to kick on now."
The midfielder credits former interim head of the academy, David McCallum, and current head, Brian Gilmour, for making him feel valued at the club.
Rankin said: "I had a really good relationship with Davie McCallum when he was here, and obviously Brian as well.
"I had conversations with them, just making me feel wanted."
Rankin's father, John, a former midfielder for clubs such as Hibernian and Dundee United, has also been a significant influence in his career.
Rankin said: "It has been huge for me, but ultimately, he knows it was my decision.
"He can obviously give me advice, but he knows it is my decision, my career.
"He will guide me to where he thinks is best for me, but at the end of the day it is not his decision, it is mine."
Rankin, who started playing Under-18s football at just 14, is keen to continue his development and is aiming to break into the first team.
He said: "Obviously when you are coming through you want to challenge yourself against those players.
"But, at the same time, you want to try and get their strip, you want to be in the team."
Rankin also highlighted the influence of Dan Neil, saying: "Dan Neil is probably the one that sticks out the most [that I have worked with].
"On the ball, he is so good.
"He is good talking to you, communication is key with him.
"Hopefully that can then come into my game and I can see improvements there.
"He has not taken it easy on me when he is not in my team, I can put it that way."
To further his development, Rankin plans to focus on his physicality and is working towards a qualification in PE.
He is open to a loan move to gain exposure to men's football.
Rankin said: "Exposure to men’s football at a young age, at 16, is going to be more beneficial than playing against boys your own age.
"You might get bullied from time to time playing against men, against players twice your age, but it is about being able to get that exposure and being able to handle yourself.
"We all know coming through at Rangers the expectation is that you need to win.
"You want to win.
"That has been embedded into you since you were young."