Zelalem, 19, had been a star for the Arsenal youth and reserve teams, but was then sent out on loan to Rangers for the season in a bid to give him more first-team experience.
The Berlin-born midfielder has had an up-and-down season at Ibrox. Initially, Zelalem impressed for Rangers, with fans loving his ability to pass the ball.
However, Zelalem has gradually fallen out of favour under Mark Warburton, with a belief that he is too lightweight for Scottish Championship football, and doesn't do enough defensively or going forward.
On Sunday, Zelalem was on the bench for Rangers in their crucial Scottish Cup semi-final clash with Celtic, but after Rob Kiernan's late injury forced midfielder Dominic Ball to drop back in to play centre back, Zelalem came on to play in midfield on the biggest stage of the season.
The American Under-20 international performed well in his cameo role, and held his nerve to score a vital penalty in the shoot-out, helping Rangers stun the world and win the game.
After the final whistle, United States boss Jurgen Klinsmann took to Twitter to celebrate, admitting it was 'great' to see Zelalem enjoy success with Rangers and play a part in Warburton's men heading into the Scottish Cup final.
great to see our youngster Gedion Zelalem reach the Scottish Cup final:https://t.co/ULn6TIBeVH— Jürgen Klinsmann (@J_Klinsmann) April 17, 2016
Do you think Rangers should re-sign Zelalem on loan?