  A step is made towards generalizing the method of holographic renormalization
to backgrounds which are not asymptotically AdS, corresponding to a dual gauge
theory which has logarithmically running couplings even in the ultraviolet. A
prime example is the background of Klebanov-Strassler (KS). In particular, a
recipe is given how to calculate renormalized two-point functions for the
operators dual to the bulk scalars. The recipe makes use of gauge-invariant
variables for the fluctuations around the background and works for any bulk
theory of the fake supergravity type. It elegantly incorporates the
renormalization scheme dependence of local terms in the correlators. Before
applying the method to the KS theory, it is verified that known results in
asymptotically AdS backgrounds are reproduced. Finally, some comments on the
calculation of renormalized vacuum expectation values are made.
