The Gers' top scorer with 28 goals this season picked up a major knee injury in the Scottish Cup clash with Kilmarnock back in February, and has been ruled out ever since.
A summer signing from Wigan Athletic, Waghorn has become a firm Ibrox favourite, and whilst they have coped without him, supporters are understandably keen to see him return.
Playing in the upcoming Scottish Cup final clash with Hibernian would be a huge boost for Rangers, and he appears to be closing in on a return to the starting line-up.
Speaking ahead of Rangers' clash with Livingston on Tuesday night, manager Mark Warburton offered an encouraging update on Waghorn's fitness.
As quoted by BBC Sport, Warburton admitted that Waghorn is in good shape, but wants to make sure he is back to full fitness before bringing him back into the side.
Waghorn will therefore miss Tuesday's game against Livingston, but is in line to play against St. Mirren this weekend, before the cup final next month.
"He's in good shape," said Warburton. "It's just about making sure that he's ready to deliver a good level of performance on Sunday and then is ready for the cup final. I want to make sure he gets some training under his belt, but he'll definitely be involved against St Mirren," he added.
Do you think Waghorn can fire Rangers to Scottish Cup glory?