Ibrox side Glasgow Rangers' current boss Pedro Caixinha is under serious pressure after his side's last defeat.
Rangers were beaten in the Scottish League Cup semi-final yesterday by Motherwell, and that has led to calls for Pedro Caixinha to be sacked.
The Portuguese boss has failed to make the improvements promised at Rangers, and his side’s display at Hampden Park was very poor.
Caixinha now appears to be under serious pressure at Rangers, with many suggesting that he should be dismissed.
And Souness has suggested that he wouldn’t be too surprised if McCoist returned as boss at Ibrox.
“Anything is possible. He was very popular,” Souness said. “I know there was something that was over money, but that’s for other people to decide.
"He did a job under difficult circumstances there, but I just want it sorted out. A good Rangers would be good for Celtic.”
McCoist’s last spell in charge of Rangers lasted for three years between 2011 and 2014.
If McCoist was to return to Ibrox, he would take over a club desperately trying to compete for Scottish Premiership titles again.
This is Rangers’ second season back in the top flight, but they have been unable to put any sort of pressure on Celtic so far.