The Rangers manager, Steven Gerrard, is said to be keen on bringing the midfielder to Ibrox.
Rangers are among those 'known to be keen' on McGeouch, according to The Northern Echo.
And it was claimed the 25-year-old's 12-month contract was due to expire at the end of this month.
But Sunderland have today announced their retained list ahead of the new campaign - on which McGeouch's name was a surprise inclusion.
It suggests that Rangers, or any other club hoping to sign the former Hibernian playmaker, would have to pay a fee to do so - which could alter any plans they may have had.
On the plus side for Rangers, there is no shortage of central midfield options currently available to Steven Gerrard - the manager at Ibrox.
Blackburn Rovers, Brentford, Queens Park Rangers and Aberdeen were the other clubs hoping to lure McGeouch from Sunderland, according to The Northern Echo, despite a difficult first season on Wearside.
Should Rangers move for the Sunderland player?
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