But perhaps Pedro Caixinha should not rule reigniting their interest in the youngster after his sensational start to the season for the Foxes' under-23 side.
Thomas has scored four goals in six starts for the under-23s, while he has also scored three in his last three games for Wales' under-21 side, so could arguably do little more to make a statement to Craig Shakespeare regarding giving him a first-team chance.
That kind of form should certainly tempt Caixinha into contemplating a loan move during the January transfer window, as he could arguably contribute to the Gers' Scottish Premiership campaign.
Thomas is capable of playing in midfield or up front, and it is in the latter position that Rangers could arguably do with further depth with just Alfredo Morelos, Eduardo Herrera and Kenny Miller currently their only senior options, while Ryan Hardie is impressing for the youth side.
If Rangers did make a bid and did make a promise to Leicester that he would play a certain amount of games at Ibrox, then you would have thought that the Foxes would have few qualms about letting him go until the end of the season while he does not appear to be on the first-team radar at the King Power Stadium.
And if Thomas replicated the form at Rangers that he has shown for the Leicester and Wales youth teams, he would undoubtedly be as fantastic a signing as the Gers would have hoped he may have been when they were looking at him in the summer.