The Danish international played 182 games for Rangers and netted 54 goals, winning the league twice and enjoying an impeccable Old Firm record against Celtic.
Peter Lovenkrands: "It's going to be strange for me going through the front doors at Ibrox and walking left and not right, but I just can't wait to run down the tunnel.
"I still love Rangers and the first thing I look for after our matches is their results just to make sure they have won.
"I'm really looking forward to the match and if I can score past Allan (McGregor), that would be nice."