McCoist was delighted to see his captain join the Ibrox club's all-time greats in a star-studded ceremony in Glasgow at the weekend.
The 35-year-old has been a massive figure both on and off the park for the Glasgow giants since they dropped down to the Third Division last season.
And the Light Blues manager is hoping it will not be the last honour the centre-half claims while he is a player for his boyhood heroes.
For he feels the evergreen player, who will lead his side out against Raith Rovers at Easter Road on Sunday, can star for the Gers for several more seasons.
McCoist said: "I was thrilled for Lee. I think David Weir is the only other player to get inducted into the Hall of Fame while still playing for the club so that's some achievement.
"He's thoroughly deserving of it. On the park he's been a massive figure for me, I'd say him and Lee Wallace have been the two biggest players for us.
"He's been everything we could have hoped for from a captain. He's helped run the team on and off the park. We're extremely grateful for that."
He added: "Like most of the boys nowadays, he is fit. Lee will know himself how long he can keep playing for and he's got another year on his contract to go.
"He handles himself really well. We've told him the decisions on whether to train are up to him entirely. If he wants to take a day off and go into the gym or a pool then that's fine.
"It's the same as we did with Davie Weir. But the vast majority of the time he's out training.
"The most important thing for Lee is that he's ready to play.
"It would be great if he could hold aloft the Ramsdens Cup trophy on Sunday. It would be another sign that we are coming back. It would be another step in the right direction."