Waghorn has netted 25 goals for Rangers this season in 27 games, enjoying the best season of his career to date.
The striker is key to Rangers' hopes of promotion back to the top flight, but the club also have to balance their financial needs if a huge offer comes in.
Waghorn managed just eight goals in 41 games for previous club Wigan, and may himself be sceptical of a move back to England while he is in the form of his life.
Yet while the Scottish Premiership may appeal, Sheffield Wednesday can offer him a chance at earning a place in England's top flight, with the Owls in seventh, just one place outside the play-off spots.
Rangers fans are hopeful their club can rebuff interest from English clubs, but some insist they would deal at the right price.
Here is a look at their reaction...
If Waghorn scores 20 in the top flight,(which he could) his value will only go up. Stupid to sell now unless it was a ridiculous offer— Rangers Culture (@RangersCulture) January 12, 2016
Sheffield Wednesday interested in Waghorn. Wouldn't sell for anything less than £4 million.— Rangers Culture (@RangersCulture) January 12, 2016
As much as a would hate it but if the money's right we will sell waghorn.. Hopefully no tho #nowaghornnoparty— David Carcary (@DCarcary) January 12, 2016
Doubt Waghorn will be going anywhere.Scoring for fun,playing for a massive club and participating in the greatest rebuilding we've ever seen— Andrew (@AndrewDoc) January 12, 2016
Big LOL at Waghorn being linked with a move away. Unless we are offered funny money, he won't be going anywhere for a good while.— Kal-El (@Superman_RFC) January 12, 2016
Not surprised if there is interest in Martyn Waghorn south of the border. Hopefully he isn’t going anywhere.— BMC Rangers Views (@BMCRangersRants) January 12, 2016
Wouldn't want to see waghorn leave although may have a job keeping him in the summer if he keeps up with the fine form superb signing— william boyle (@BoyleBillyb2011) January 12, 2016