The main object is assigning a static ip address through your routers configuration settings. After that you can setup the printer and PC to agree. It doesn't matter if the assigned IP address is within your normal DHCP range. I've gone through 4-5 routers over the years and I always assign my printer to the IP ending in 93 even though the range is 1-100.
If done correctly your router will reserve that IP address for the MAC address associated with your printer. What you want to look for in the router settings is the DHCP Reservation List. Although each router has been slightly different, all of my past routers have had it. I've used Dlink, Linksys, Netgear, and Belkin so I'm confident if your router is current that your router will have this setting too.
You'll need the MAC address of your printer which can be found through the control panel. I don't own this printer, but what I gather from the user manual the MAC Address should be easy to find under the Network category on the control panel.
After you have the MAC address add it to your router's DHCP reservation list and assign it an IP address. Try to use a number that none of the other computers are using by looking at your router's status page. If you are unable to find this, then just choose a number and restart all of the other machines on your network. This includes smart phones, otherwise you might end up with a temporary IP conflict that may interfere with the printer setup.
On my D-Link DIR-820L the list is under Setup->Network Settings->Add DHCP Reservation.
On my Netgear WNDR3700 it's under LAN Setup->Address Reservation.
After this setup make sure your printer is setup for Auto mode under the Wired LAN or WLAN settings on the printer depending on how the printer is connected to the router, wired or wirelessly respectively.
Now you should be able to setup the printer software on the PC normally using the assigned IP address.
2If you set a static IP on the printer it doesn't matter. If DHCP is in the range x.x.100-200 for example set the printer to x.x.x.220. No need to make any changes in the router. Just make sure the printers IP is outside the DHCP range but inside the Subnet mask. – Rik – 2014-01-12T22:11:47.950
3Configure your router to always assign the same ip to the mac address your printer has. How you do that depends on router and the manual for your router has directions to do that. – Ramhound – 2014-01-12T22:11:48.080
So the above comments propose 2 different solutions. Which way should i go? :) – Knocks X – 2014-01-12T22:14:54.513
I should also mention that this printer is a multifunction device that includes a scanner. Does the scanner use the same IP and sit on the same COM port or is it considered a different device? – Knocks X – 2014-01-12T22:15:37.157
1You could go either way. The first is easiest because you'll only need to set a static ip on the printer. The second involves changes in the router (just setting a checkbox). It's just a matter of which you're more comfortable with. (The scanner functionality should work over the same IP) – Rik – 2014-01-12T22:15:42.373