It is understood the Ibrox pair received the abuse via their Twitter accounts.
Neither player has been named by police or the club, however, Kyle Bartley - who spent last season on loan at Rangers from Arsenal - has indicated on his own Twitter page that the players targeted were Sone Aluko and Maurice Edu (pictured).
Rangers tweeted from their official account: "The club has been made aware of racial abuse directed at two of our players.
"We have reported this matter to the police who are now investigating the matter."
A Strathclyde Police spokesperson said: "We can confirm the matter has been reported to us and we are investigating."