The Bosnian brought the curtain down on a hugely successful six-year spell at Ibrox in May 2012 and has now retired from the game as he spends time with his family.
He returned to Glasgow last week to speak at the Rangers Supporters Erskine Appeal dinner on Saturday night and once again take the acclaim of the Light Blue legions.
Papac is held in extremely high regard by Gers fans and the 33-year-old admits it was a tough decision to leave when he did.
"It is very nice to be back at the club," he told SportTimes. "I miss Rangers and I miss Glasgow. It is the first time I have been back since I left. It is good to see some old friends. I had a great time here and I am happy to be back. I had six years at Ibrox and I have so many memories.
"It was hard to make the decision to leave Rangers. But, it had to come at some point. I had to say goodbye. I prepared for the decision a couple of months before I left. I didn't feel that I could give myself to the club like I had.
"I can only play football at a high level, I must give my best all the time. In my last year, I didn't feel as I was playing at a high enough level and I said it was enough.
"The 2008, 2009, 2010 seasons were great time for Rangers. We won so many trophies, we played in the Champions League and we got to the Uefa Cup final.
"Those were the best years. We had some great players. I look at pictures of that team and you can see what a great squad we had at that time. It was a big squad with a lot of great players."
The end of Papac's trophy-laden Light Blues career coincided with Gers' drop into the Third Division during some of the most troubled months in the club's history.
Few players from the defender's final squad remain at Ibrox but he is delighted to see two Rangers stalwarts - captain Lee McCulloch and the man who has filled his left-back berth, Lee Wallace - driving Ally McCoist's side on as the champions continue on their journey back to the top of Scottish football.
Papac said: "Lee Wallace is a great player. I hope he will continue to progress and get better and better with Rangers, he has a lot of potential. I hope he stays at Rangers to get them back to the top flight.
"It would have been a difficult decision for him whether to stay at the club last summer but everyone must make a personal choice about what is best for them, to stay or leave. Lee chose to stay at Rangers and he didn't make a mistake.
"It is so important to have players like Jig here. He has been great for Rangers, he gives his all for the club.
"He came here after me and he was great while I was here. It is nice to see him still doing so well for the club."