Ibrox side Glasgow Rangers parted company with Pedro Caixinha yesterday.
McCoist spent three years in charge at Rangers between 2011 and 2014, and talk is growing that he could be set to return to Ibrox.
Rangers are on the look out for a new manager, following the dismissal of Pedro Caixinha yesterday.
And McCoist has refused to rule out a second stint in charge of the Light Blues, if they make him an offer.
“You never know, it’s a club that I’ve loved as a very small boy,” McCoist said.
“It was the greatest privilege of my life to manage the club, so I’m not going to sit here and say no because it’s a club I’ve always loved and will continue to love.”
Rangers parted company with Caixinha, after what has been a poor start to the campaign.
Rangers were beaten in the League Cup semi-final, but it was a draw with Kilmarnock which ultimately proved to be the final straw for the Portuguese boss.
Whoever takes over at Rangers looks to have a tough job on their hands, as they will have to bring the squad back together again.
Caixinha’s time in charge at Ibrox was very decisive, with a number of Rangers' players being ostracised.
Graeme Murty is currently in temporary charge of the Light Blues, with the Glasgow side next in action against Hearts tomorrow.