The 24-year-old striker, who joined Rangers' youth team in 2006 before going on to make 87 appearances for the club, is approaching the end of his current contract and has been informed that he is not part of Ally McCoist's plans for the future.
Little made his first-team debut in 2009 but did not establish himself as a regular starting player until the 2012-13 season in the team that won the SFL Third Division. The forward scored 25 goals in 36 games.
The Northern Irishman, who has eight international caps, made a bright start to this season's League One campaign, scoring in five consecutive matches in August and September and played 26 times for McCoist's side this season despite a broken cheekbone ruling him out for nearly two months.
"It has been the best 8 yrs of my life," Little tweeted. "Being a Ranger has been an honour + I'll be one 'til the day I die. Thank you to all at the club."