The 22-year-old's stock has risen over the past week after scoring twice against Celtic in the 2-2 draw at Parkhead on Saturday.
If not for an 80th-minute equaliser from Callum McGregor then McGinn would have inflicted a first defeat in 58 domestic games on the Hoops.
Fans of the Parkhead club were subjected to an anxiety-fuelled summer as Stuart Armstrong flirted with Premier League clubs, before signing a new two-year deal.
And former Rangers man Stewart believes that Armstrong could make way for McGinn in the summer, but says his old club should bring him to Ibrox.
"Stuart Armstrong to go next summer and John McGinn to come in?" he told BBC Sport Scotland's Facebook Live session. "Stuart Armstrong effectively only signed a year's extension, he signed a new two-year contract, so at the end of this season it will be the same discussion as it was in the summer.
"John McGinn is continuing to improve as a player. I am pretty sure that Celtic will be looking at him.
"But he's the type of player that Rangers should have been looking at."
There can be no doubt that he would improve Rangers but if Brendan Rodgers is in for him then that might be that for the Gers' aspirations of signing him.