The keeper has agreed to extend his stay with Ally McCoist's side until 2015 as he bids to become the latest Light Blues youngster to make a breakthrough.
Kilmarnock's Cammy Bell has been linked with a summer move to Ibrox, while Neil Alexander has yet to put pen-to-paper on a new deal.
It remains to be seen where Gallacher fits in but the 20-year-old is delighted to commit his future to his boyhood heroes.
He said: "It's really good to sign another contract with Rangers.
"This is a great club to be at and I grew up supporting Rangers so I'm delighted to be staying on.
"I've been here for seven years now and I'm still waiting for my chance but, hopefully, it can come soon.
"We're not far from winning the league so hopefully we can do that and then I can get to play in one of the remaining games.
"It's down to the gaffer and (goalkeeping coach) Jim Stewart to decide whether that happens or not but I would love an opportunity to show what I can do.
"I'm glad the management have the trust in me to offer an extended stay and I'm looking to repay them for that.
"There has been a bit of speculation about goalkeepers lately and Rangers is a massive club so you're always going to have that.
"That's something that you get used to and accept.
"You take it as it comes but all I can do is my best and hope things work in my favour."