The Ibrox youngster was a standout for Ally McCoist's side in the Third Division before increasing his burgeoning reputation with a series of fine performances in the first half of the SPFL League One campaign.
A serious viral infection brought a premature end to Macleod's game time as he missed out on the title run-in and the cup clashes with Raith Rovers and Dundee United in the last few weeks of the season.
Boss McCoist will be eager to see him back in action for the start of their Championship title challenge and Law is confident the Light Blues protege has a big future ahead of him.
He said: "We did miss Lewis. Looking back to the Dundee United match, if we had had Lee Wallace, Lewis and David Templeton, it could have been a different game. I don't think the gap was as big as people expected in that match and we gave a good account of ourselves.
"Lewis is a huge player for Rangers, but I think for the future for Scotland as well. I have no doubt he can play at that level.
"Hopefully he gets back quickly and can be a big part of Scotland's future because I think he is that good. He was a huge loss for us.
"Wherever he is playing on the pitch, you can see that he is a fantastic footballer.
"I have played alongside him a lot and I think we bring the best out of each other, we are quite similar and we like to play good football.
"He is a fantastic young talent and one that we did miss. Hopefully he will be like a new signing for us if he can get himself back for next season. It would be a huge boost for everyone."
With the League One title wrapped up, McCoist and his players can reflect on a dominant campaign that saw them go undefeated through the third tier fixture list this term.
Law enjoyed a solid debut season at Ibrox following his switch from Motherwell, and the midfielder admits skipper Lee McCulloch played a huge role in helping the new Gers settle into life at the club.
He said: "As players, you look to Lee as the captain. He has been there and done it and the only one that has been here six, seven years.
"He has been in the top flight and won all the competitions there are to win up here. He is a fantastic leader.
"We have had our downs this year and he is someone to look to. He is always positive and helping the boys, particularly the young lads."