The Ibrox side are currently in the champions path of the Champions League qualifiers. They lost 2-1 in the first-leg of their third round tie with Malmo with the second-leg in Govan next week.
If they overturn the deficit they will be two games away from the lucrative group stages.
In addition, Rangers are strong favourites to win the cinch Premiership this season which, due to Scotland’s coefficient rank will see direct entry to the Champions League group stages.
King estimates the money the club could potentially receive from back-to-back group stages campaigns could be a transformative figure.
“This could be a pivotal period in Rangers’ history because they have the chance of another title and two Champions League qualifications which will bring in potentially £60-£70million,” he told the Rangers Connection podcast.
“That money will go straight back into the team because you have shareholders who don’t take dividends.
“So, if you are able to win the league then you know from mid-May that you’re straight into the group phase and you can take your team to the next level.”
King also reckons Steven Gerrard is happy in his role at Ibrox and will be around to build on last season's league title win.
“I think this is the most exciting season because there is so much potential and that will be huge motivation to Steven,” he said.
“There is absolute certainty on Steven. He’s completely committed. He’s absolutely not looking to go anywhere.
“I think he is energised. He saw last season as a critical stepping stone and for him the endgame wasn’t to win one league title.
“The endgame is building on that and I would imagine the motivation for Steven will be very high this season.”
As for rivals Celtic, King notes the “level of instability” with the arrival of a new manager and “changes to the executive structure”.
“It takes a long time for these things to work,” he said.
“So that period of transition, it transfers onto supporters and the team.
“Rangers, on the other hand, are so settled. They’ve got the right team with the vision and the strategies. So, I think Rangers are in a very good place.”