Transport Minister Keith Brown said he would look at a private sector plan to build a rail rink to the airport should one be proposed.
Mr Brown made the statement despite being adamant the Government would not build a link.
His comment came after it was revealed the last of the land bought by the Government to build the link under the original plan - at a cost of £840,000 - had been sold back to the original owner for just £50,000.
Mark Griffin, Labour's transport spokesman, asked what was the cumulative level of loss on all the land deals related to the planned £210million rail link project.
He said: "News that the last plot of land was sold back to the original owner for £50,000 highlights the folly of this Government's scorched earth policy on the rail link."
Mr Brown said cancellation of the project saved £176m. He added: "Of course there has been a cost because land was bought at the height of the market and then sold during a recession."
He said the Government was obliged to sell the land under Westminster rules and added: "We had no option but to sell it."
Mr Griffin said: "Keith Brown's answers are not good enough and lack any accountability for his Government's folly in cancelling the project. We will continue to demand that the full costs to the public purse of the cancellation of the Glasgow Airport Rail Link are revealed, including the economic impact on Glasgow."
The project for a link from Central Station to the airport via Paisley Gilmour Street was halted in 2009 by Finance Secretary John Swinney, who said it was "desirable but not essential".
The row over the scheme reignited this week when it was revealed a study into surface access links to the airport included in a shortlist of options a rail link between the city centre and the terminal.
Mr Brown made it clear in the Scottish Parliament that the Government would not pay for such a link.
He said: "We took the right decision. This Government will not be funding a heavy rail link, albeit the report said it might be investigated.
"But if a private sector bid comes forward the Government will look at it."
The last of 13 plots of land were sold this summer. Four plots in Clark Street, Paisley - next to St James railway station - were sold to Airlink Group. A subsidiary of the group owned it in 2008. The three-acre site is being used as a car park.