The forward has been excellent during his time with the Gers. He has already scored 15 goals in all competitions, including 11 in the Scottish Premiership - making him the division's top goalscorer right now.
Unsurprisingly, there was plenty of interest in the 21-year-old in January. The Daily Record reports that seven different clubs from around the world expressed a desire to sign Morelos. And even with the Chinese transfer window still open - Beijing Renhe were one of the teams linked with a move - it appears that the striker is ready to hand Graeme Murty a huge boost.
The Record reports that Morelos wishes to stay at Ibrox and sign a new contract, with talks expected to begin this week when his agent arrives ahead of the Gers' trip to Hamilton.
Time for a bumper deal?
According to the Record, Morelos is one of the lower earners in the squad at £7,000 a week. Given what he has brought to the Light Blues during his first year in Scotland, it would undoubtedly be wise for the club to offer him a salary that reflects his importance to the team.
But given how well Morelos has adapted to life at Ibrox, it would be fair to assume that any additional money given to him in this new contract will be well worth the investment - not least because it should drive the asking price up if and when the next cluster of sides come calling looking to try and lure him away.