Falkirk have apparently made a similar offer for Rankin, while Hibs and a mystery English club are also rumoured to be interested. Radio reports suggest Hibs have had a bid accepted and if they're true the chances are he'll go there.
Caley Thistle had wanted £65,000 for Rankin - the same fee they paid Ross County for him 18 months ago - so it's possible the bids from Saints and Falkirk could be accepted. However, Hibs are a far more attractive proposition and you couldn't blame him if he ends up there.
Story source: The Press & Journal