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PlanetFootball
Benfica made an enquiry for the unsettled Danish international as they look to bolster their squad.
Lovenkrands' future at Ibrox remains uncertain with Gers boss Alex McLeish indicating he would be willing to let the player leave.
The player's agent Ivan Benes revealed Lovenkrands rejected the move to Benfica as he has his sights set on a switch to either England or Spain should he leave Rangers.
"There is interest from Benfica, but we have rejected it," Benes told the Daily Record.
"Peter wants to go to Spain or England. He has a year left at Ibrox, but if any interesting possibilities come up in England or Spain we'll consider them."