The 18-year-old has been one of the Gers' standout performers in the Irn-Bru Third Division this season as he has made an impressive start to life in the first-team arena.
Macleod was forced off during Rangers' 1-1 draw with Montrose on Saturday amid fears that it was a season-ending injury.
However, he is still likely to miss around 10 matches after a scan revealed medial ligament damage.
Meanwhile, Lee McCulloch hopes he will be fit to return from an ankle injury for Gers' clash with Dundee United in the Scottish Cup on Saturday.
The 34-year-old Ibrox skipper said: "I'm feeling better. The gaffer gave me a week off away from Murray Park to let things settle.
"I played the Queen's Park game at the end of the year and then the Elgin game and I think it was clear to see I was not running properly and I couldn't even control the ball it was that sore.
"I have not really trained yet and I have done a minimum of general fitness because of the weight-bearing aspect to it.
"I'm not ruling myself out because I never do that and it's a match I would love to play in.
"It's a cup tie against an SPL club and it's the type of situation we want to be in.
"We played against Motherwell in the League Cup earlier this season and I thought we beat them convincingly.
"We want to go up to Tannadice and play to the same level that we did in that Motherwell game."
Meanwhile, Gers have confirmed that youngster Barrie McKay has penned a new deal with the club that will keep him at Ibrox until 2017.
The 17-year-old agreed in principle to extend his contract last August and has now joined fellow Light Blue proteges Macleod and Robbie Crawford in committing his long-term future to McCoist's side.
"We have completed the contractual process with Barrie. He deserves it," Ibrox boss Ally McCoist told Rangers TV.
"It's a boost for them to sign these deals and it's a boost for us too. It also shows the fans that good talent is coming through."