7:32:19 PMBrescia beat Gers to Caracciolo
The 26-year-old, co-owned by Palermo and who has struggled for form this season, has instead joined one of his other previous clubs in Serie B.
Caracciolo, twice capped by Italy, has netted just once and had been allowed to talk to other clubs.
The forward known as 'L'Airone' - the heron - due to his tall, gangly frame had also been wanted by Torino.
Rangers have money to spend following the sale of Alan Hutton to Spurs and may receive another injection of funds if Daniel Cousin's proposed switch to Fulham gets the go-ahead.
Caracciolo netted 24 goals in two seasons with Brescia before Palermo bought him.
He was on target nine times during his first term in Sicily, but that dropped to five in the next campaign.
Since moving to Sampdoria, he has found it hard to nail down a regular berth, featuring in just 12 games for the Genoa side.
He has completed just one game, being substituted six times and coming on as a substitute five times.Rangers, along with Tottenham and Everton, were linked with a move for the 6ft 5in Caracciolo in May.
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