Macleod has attracted the attentions of a number of English clubs because of his fine form north of the border, where he has scored eight goals in 21 games.
Newcastle were thought to be leading the race for the 20-year-old ahead of the January transfer window, but it seems that Blackburn have joined the queue.
Rangers' financial problems mean that they may be forced to sell Macleod, even against manager Ally McCoist's will.
It is reported that Macleod is available for around £1.5 million and that sort of figure would mean a lot to the Light Blues.
However, McCoist is still keen to keep hold of his most vital asset, after he has established himself as a key player for the Scottish Championship side.
Rangers have struggled throughout the league campaign so far, but Macleod has been one positive to come out of it and the club's fans would no doubt be disheartened to see their prized academy product leave.
Keeping him without top-tier football looks a struggle, though, especially now he has earned international recognition for his talents.
Macleod was called up to the Scotland squad for their recent fixtures and a move to England is likely to give him a better chance of staying in contention.
Of course, that is only on the stipulation that he continues to receive first-team football and, in that sense, a move to Blackburn may be a better choice than Newcastle.
The Championship side are pushing towards the play-offs, but they do not have the quality that Alan Pardew's side possess and would likely see Macleod as a immediate starter upon his arrival, whereas the tricky winger would be a long-term investment for Newcastle.