The feisty Italian spent a year with the Scottish side in 1997 before moving to Salernitana and later AC Milan.
Gattuso was recently released by the Rossoneri after 13 years in the Italian city as the Serie A side look to revamp their ageing squad this summer.
And his agent, Andrea D’Amico, is set to hold further talks with Rangers over whether a deal would be possible, with the 34-year-old’s representative keen to stress that neither money nor a lack of European football would be a stumbling block.
"It is Rino's wish to come back to Rangers, but first I have to speak to the people at the club to find out what the situation is," D'Amico told the Daily Record.
"He knows all about the Rangers financial situation. We know it is difficult but we can work to find a solution.
"Rino talked with Ally on the telephone. They know each other very well and like and respect each other. Now we have to work to see if something can happen.
"Not being in Europe next season would not be an issue for Rino.
"I will meet with Rangers again tomorrow for further talks."
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