By the start of the 1996–97 season he was no longer part of manager Mark McGhee's plans and was sold to Preston North End for £100,000 in September 1996.
The following season saw him almost achieve Premier League football as he scored a late goal which helped them beat Birmingham City to reach the play-off final.
After Craig Brown had replaced David Moyes as Preston manager for the 2002–03 season, Rankine found his place under threat and he finished the campaign on loan at Sheffield United.
[3] Rankine's first season with Tranmere saw him again reach the play-offs but they lost their semi-final tie on penalties to Hartlepool United.
[4] Rankine scored once during his spell at Tranmere, in a 2–1 Football League Trophy win over Lincoln City on 18 October 2005.