The 25-year-old has enjoyed a good first few months of the campaign having dropped down the divisions from Premiership Partick Thistle to League Two promotion hopefuls Albion Rovers.
Victory over Stirling on Saturday moved James Ward's side to within a point of the play-off places. The Coatbridge club also have a Scottish Cup fifth-round tie to come.
McGuigan is due to return to Firhill early next year but, having seen a loan at Cliftonhill cut short last season with little reward, he could have a decision to make about which colours to pull on.
He said: "I got called back early last season due to circumstances with the squad and unfortunately it didn't work out.
"I had Stef Craig and Kris Doolan in front of me for one striker role. The team were winning every week so I didn't have an argument. This time around, I am keen to avoid sitting on the bench or in the stand for a period of time.
"I need to be playing."
If McGuigan does return to Firhill in the second half of the season, he could take an unfamiliar role.
The forward has been used on the right of midfield by Rovers in recent weeks and said: "I am seeing more of the ball and I feel as though I am contributing more.
"Hopefully, myself and the team can kick on over the next few weeks and we can win a few games.
"I came to Thistle as a striker but I feel I can do a job in midfield and I have even played at right-back.
"I am in no position to rule myself out of any position."