The new Broadwood management team will return to their former club if Ally McCoist's side can see off Hibernian next week and book their place in the second round of the competition.
And Cumbernauld coach Malcolm admits it will be a night to savour if the ex-Gers duo get the chance to put one over the Light Blues. Malcolm told SportTimes: "It is a great draw for myself and Barry and a great draw for the club as well because of the money involved.
"If it does turn out to be Rangers, it will be strange going back and standing on the touchline. Normally the fans are shouting at you for making a bad pass or making a mistake but hopefully this time they are shouting at us because we have beaten their team.
"I have been back at Ibrox and played for Motherwell and it was strange but it will be totally different this time going back and standing on the sidelines.
"When you are on the pitch, you can influence things but once you put the team out you need to hope they do the business for you.
"It will be a great experience for myself and Barry if we get Rangers. We are just going into coaching and for us to go back to Ibrox and pit our wits against guys that have been in the game for as long is a great opportunity for us."
Clyde booked their place in the second round with an impressive 2-0 triumph over Ayr United on Saturday as Ferguson got his managerial career in Scotland off to a winning start.
And Malcolm reckons the chance to star at Ibrox or Easter Road will inspire his squad in the coming weeks.
He said: "Rangers and Hibs are both big clubs so it doesn't matter who we play, it will be a great experience for the lads.
"The squad have set their own targets and standards so far and we want to keep those standards high throughout the season.
"If they keep going the way they are, I am sure they will enjoy the tie against Rangers or Hibs because that is the kind of game that you want to play in. The chance to play Rangers or Hibs will give the boys a lift and make them kick-on again."