Waghorn has been on the books of Rangers since the summer of 2015 and has been in brilliant form so far this season.
The former Sunderland and Leicester City striker’s sensational form has not gone unnoticed in England, with two Championship clubs reported to be interested in signing him in the January transfer window.
Last week, The Times reported that Reading and Sheffield Wednesday are interested in the former England Under-21 international.
Gough, who played for Rangers as a defender in the 1980s and 1990s, believes that Waghorn would succeed at Wednesday or Reading.
However, the former Scotland international does not expect Rangers to sell the star striker in the January transfer window.
“Waghorn is currently Britain’s most prolific striker,” Gough has written in The Scottish Sun. “He’s shone at Ibrox from day one. There is no question in my mind that he could cut it at the likes of Reading or Sheffield Wednesday.
“But I also don’t think for a minute that he would be willing to swap what he has at Gers. Rangers have made it clear that they will do everything they can to keep Waghorn. It would take silly money for them to even consider it.”
Rangers are at the top of the Scottish Championship table at the moment with 50 points from 45 matches, five points clear of second-placed Falkirk with a game in hand.