Everton and Barcelona are among the sides that have been monitoring the youngster, according to reports.
Fraser Aird has not played for Glasgow Rangers since October 2015, and looks set for another move away.
Nottingham Forest's captain is one his way and Falkirk's prized asset could arrive in his place.
The Falkirk midfielder is a wanted man and out of contract in the summer.
Rangers boss Mark Warburton would be bringing a top talent to Rangers if they signed the left-back.
Former Glasgow Rangers defender Luca Gasparotto has joined Falkirk in the summer transfer window.
Rangers forward Martyn Waghorn speaks highly of Falkirk striker John Baird and Hibernian midfielder John McGinn.
Ibrox side Rangers need to invest in the summer in order to compete with Celtic, says Falkirk manager Peter Houston.
Rangers will take on Falkirk away from home in the Scottish Championship this evening.
The 21-year-old suggested that there has been little between the two sides when they have played Rangers, but another factor will see them across the line.