The midfielder, who is out of contract, has been offered a new deal by Cardiff City.
Ole Gunnar Solskjaer is keen for the 10-times capped Scotland international to help the Bluebirds get back into the Barclays Premier League.
But Cowie did not feature in a huge number of games for the Welsh club last season. And he may be tempted by a return to his homeland after five years down south.
Despite not playing in the top flight, Rangers still have a massive appeal, especially for Scottish players.
Yes, Cowie will probably pick up more money if he stays across the border. And we are all motivated by how much we can earn. But, at 31, this would probably be the last move of the former Ross County and Inverness Caledonian Thistle player's career
The chance of playing for a big club like Rangers and helping them return to the top flight may be of interest to him.
It is down to him. But I certainly think he would be a great addition to Ally McCoist's squad.