According to Jim Reeves of the Fort Worth Star-Telegram, Rangers owner Tom Hicks would like to subtract $20MM from the payroll for 2010. That'd presumably put the Rangers in the $50MM range.
Reeves' column has a negative tone to it, but why wouldn't the Rangers want to replace Hank Blalock, Frank Catalanotto, and Vicente Padilla with Max Ramirez, Brandon Boggs, and Derek Holland? When you have the best farm system in baseball it's not hard to trim payroll. Hicks even mentioned he'd still be interested in making a Ben Sheets type addition via the free agent market.
Reeves also touches on Kevin Millwood. Hicks claims he wants Millwood to reach 180 innings this year, causing the pitcher's $12MM 2010 option to vest. As for Catalanotto, Reeves takes Hicks' financial caution as a sign the team will not be cutting him and eating his $6MM.