Midfielder Macleod has been sidelined since suffering knee-ligament damage in the 1-1 draw with Elgin City at Ibrox on January 5.
And centre-half Perry has been out for a fortnight since tearing a hamstring against Berwick Rangers at Shielfield Park.
It had been feared that Macleod, who has been the best of the Murray Park graduates to break through this season, would not feature again this season.
However, McCoist has been buoyed by the encouraging progress shown by the 18-year-old and is optimistic that will not be the case.
Meanwhile, Perry, who has made 20 first-team appearances in the Rangers defence at right-back and centre-half in the 2012/13 campaign, has also responded well to treatment.
McCoist said: "The good news for everyone is that Lewis Macleod is coming along nicely.
"He's got the brace off and when he's doing a little bit of work in the gym he puts it back on again.
"That's five weeks now and Ross Perry's hamstring is also coming along."
Rangers are 20 points clear of Queen's Park at the top of the Irn-Bru Third Division table and are expected to clinch the title within a matter of weeks.
McCoist is hopeful that Macleod and Perry will be involved when they do given their considerable contribution to the Ibrox club's cause this term.
Speaking to the club website, he added: "I don't want to put any specific time on it because it is important they come back fit, that's all that matters.
"But, I must admit I would be very, very pleased if we can get them both back in a Rangers jersey before the end of the season."