Brentford owner Matthew Benham has told The Scottish Sun that Rangers will not be re-signing for Rangers this summer.
Macleod, 21, joined Rangers as a ten-year-old back in 2004, and made his way up through the ranks at Ibrox before becoming a star at Ibrox.
The midfielder hit 16 goals in 74 games before moving on to join Brentford in January, having been ironically signed by now-Rangers boss Mark Warburton at Griffin Park.
Injuries mean that Macleod has yet to even make his debut for Brentford, and the appointment of Warburton at Rangers has sparked rumours that the midfielder could make a swift return to Glasgow.
The Daily Record recently reported that Rangers would be looking to re-sign Macleod on loan ahead of the new season, with Warburton looking to build his squad.
However, Brentford owner Benham has told The Scottish Sun that there is no chance of Macleod returning to Ibrox this summer, warning Warburton off any move for the youngster.
"Categorically, we are very happy with Lewis Macleod and there are no plans whatsoever to allow him to go back to Rangers," said Benham. "It would be a very short conversation if Mark phoned to ask about him. We have every faith in Lewis and we expect him to kick on this year.
“He has been incredible unlucky with injury, but a lot of people I’ve spoken to say he’s looked impressive in training. The Scottish Championship isn’t the highest standard but Lewis stood out a mile. We are really happy with Lewis," he added.
Finding the next Macleod
Bringing Macleod back would of course be a superb move for Rangers, but with Brentford unwilling to part with him, Rangers must now turn their attention to finding the next Macleod.
Young midfielder Andy Murdoch certainly has the potential to become a key player having impressed last season, whilst the likes of Ryan Hardie and Tom Walsh also broke into the side.
New manager Warburton will be hoping to develop those young players next season, with building for the future key for Rangers.