Barry Fry is optimistic about how much money Emmanuel Fernandez can bring in for Rangers.

Recently, Barry Ferguson admitted that Fernandez was a bargain as he was signed in the summer for £3m from Peterborough United.

At the time, he moved to Ibrox as a relative unknown, but has since become among the first names on the team sheet.

Barry Fry expects Emmanuel Fernandez’s valuation to increase tenfold

Fry, Peterborough’s Director of Football, admits that he was not the most popular person among the Rangers fans as they felt that his club got good value out of Fernandez.

However, with more than half a season done, he has been impressed with the centre-back’s development.

The Peterborough chief expects the centre-back to be sold for anything between £30m and £40m if the club do decide to cash in on him.

He claims that he had told the Ibrox outfit that not only would Fernandez be a solid defender for them, but also score goals.

That has proven to be the case with the 24-year-old scoring five goals in 19 league games for the Bears.

Fernandez even found the back of the net in the only appearance he made in the Scottish League Cup.

Speaking about the English defender to The Scottish Sun, Fry said: “When we sold Manny to Rangers, the fans up there had a right go at me, saying he was the worst player they had signed.

“I just knew Fernandez had to be given a chance.

“I made it clear Rangers would eventually sell him for £30m or even £40m. I said he’d score goals as well and just come through strong for them.

“Honestly, he just had to be given an opportunity. Early on, they didn’t give him one. He only got one or two games and I wasn’t popular up there with Rangers fans.

“Just look at Manny now. He has shown the Rangers fans he can defend and he can score goals.

“He’s a good player, it’s as simple as that. But I definitely don’t want to be saying, ‘Told you so’ to the supporters.”

Michael Stewart left to eat his words after Fernandez’s performances at Rangers

Michael Stewart is known for jumping the gun and criticising anyone related to Rangers.

He did the same with Fernandez, labelling him a “bombscare” after a mistake he made early on in his time at Ibrox.

Stewart admits that while he thinks the Englishman still has a mistake in him, he has credited him for the improvement he has shown since his move.

Fernandez also nearly scored against Celtic, but the goal was disallowed as the ball made contact with his hand.

Speaking on the Scottish Football Social Club, Stewart said: “Do you know a Rangers player that I’ll hold my hands up and say I was too quick to call?

“And it’s not (Youssef) Chermiti… Fernandez. By the way, he was good yesterday.

“I thought he was an absolute bombscare when he first came, and he still looks like he’s got a mistake in him. But I tell you what, he’s improving.”