Waghorn, 25, joined Rangers from Wigan Athletic having endured a nomadic career in England, which saw him turn out for the likes of Sunderland, Charlton Athletic, Leicester City, Hull City, Millwall and Wigan.
Never much of a regular goalscorer in England, Waghorn has been enjoying his greatest season to date, racking up a remarkable 25 goals in just 27 games for Rangers.
A hat-trick against Cowdenbeath on Sunday once again illustrated just how much Waghorn has been improving under Mark Warburton - but his exploits have triggered interest in his signature.
The Scottish Sun report that Reading and Sheffield Wednesday are looking to offer Waghorn a move back to England this month, with both Championship teams looking to sign a striker.
It's also stated that Rangers have told both clubs that there will be no deal during the January transfer window, as Waghorn won't be leaving Ibrox in the near future.
The Gers are bidding for promotion this season, and losing their top goalscorer would deal a big blow to Warburton's chances of taking the club back to the Scottish Premiership - and their clear stance that Waghorn isn't leaving the club means Wednesday will have to look elsewhere for striking solutions this month.