The youngster has turned things around at the club after two years out on loan.
The youngster has been in fine form this season, with a series of impressive performances for the Gers seeing him nominated for the PFA Scotland Young Player of the Year award.
It has been a remarkable turnaround at Ibrox for him, having spent the last two seasons out on loan from the club with spells at both Greenock Morton and Raith Rovers.
And he says that Mark Warburton’s arrival has been key to his rise this year, saying the boss’s insistence that everyone started on a clean slate this year gave him his chance to impress.
"This nomination means a lot. It shows you the difference a year can make,” he told the club’s official website.
“The difference this year has been night and day really. I was lucky enough that the manager came in and trusted me completely.
"He has been massively important in terms of my development. He and Davie Weir came in and told us that it was a clean slate. Nobody was going to be judged on their past.”
McKay will now be hoping that he and Rangers can finish the season strongly ahead of their return to the Scottish Premiership next season.
It is certainly hotly anticipated, with many predicting the Gers can return to challenging Celtic for the title after their four-year absence.
Indeed, their win over the Hoops in the Scottish Cup has only helped to increase that expectation and McKay will be keen to play as big a role as he has done this season.