"The allegations made against the player are now the subject of a police investigation. The player has been suspended by the club pending its own internal disciplinary process and there will be no further comment on the matter until these have been completed," it said.
Chairman Tony Ford said: "I have been contacted by a number of people regarding posts made on social networking sites allegedly by one of our under-19 youth team players and I would like to thank those people for bringing this matter to my attention."
In a statement issued through lawyers, the player said: "I have no comment to make at this time whilst club investigations and police investigations into my complaint are ongoing."
The Ibrox disaster claimed 66 lives on January 2 1971 when fans were crushed on stairway 13 of the Glasgow stadium at the end of an Old Firm game.