The possibility of Rangers and their Glasgow rivals Celtic moving south has long been mooted, but a Premier League statement in 2009 said that "bringing Celtic and Rangers into any form of Premier League set-up was not desirable or viable".
"There is an awful lot of work to be done before anything like that would happen," he said.
"Could it happen? Of course, absolutely. Television has a far bigger say in the proceedings than a lot of people would imagine.
"I, for one, am not going to say it is never going to happen."
League leaders Rangers continue their SPL campaign on Saturday when they host Hibernian at Ibrox.