The 34-year-old Spaniard quit the former Scottish champions in 2010 after a six-year spell to return to his homeland with Sporting Gijon. But the former Dundee forward says he now realises that decision was a mistake and wants to come back to Scotland.
Novo, who currently plays for Spanish Second Division side Huesca but his family are still based in Glasgow, said: "There has been lots of rumours and talking. Obviously I love this club and I would like to come back. It's my home, really. For family reasons, it's actually harder for me to stay in Spain.
"My child still stays in Scotland, so it is difficult. I miss Rangers a lot. I never thought I would miss it this much. The people here were always great with me. The treated me very well.
"In some ways I regret leaving, in others I don't. I'm the type of person who never regrets things. It's all about having different experiences. But I would like to come back. It's now between my agent and McCoist. I spoke a little with him today, not much. I will speak again when the time is right."
Novo - who won three Clydesdale Bank Premier League titles with Rangers as well as helping them reach the 2008 UEFA Cup final - was back at his old stomping ground for a charity match between Rangers legends and former Manchester United icons.
But he missed out on the chance to impress McCoist when he spurned a string of gilt-edged chances to score. The Ibrox boss, however, was able to show Novo how it was done with a brace in a 4-1 win.
A crowd of 23,177 turned out to see a Light Blues side containing the likes of Brian Laudrup, Jorg Albertz and Richard Gough ease to victory over a Red Devils side featuring Premiership greats such as Dion Dublin, Peter Beardsley and Dwight Yorke. Ronny Johnsen had put United ahead after 18 minutes but Albertz levelled on the half-hour with a trade-mark scorcher from distance.
McCoist replaced Motherwell manager and former Gers midfielder Stuart McCall before the break but had to wait until the 67th-minute to find the net as he curled home from 15 yards. A second from a free-kick followed seven minutes later. The win for the home side was wrapped up four minutes from time when Alex Rae fired past Raimond Van der Gouw from the edge of the box.
Novo said: "It was a good game and really enjoyable. I was happy to be out there alongside all those legends, some of the greatest players to have ever played for this club. I missed a few chances and I was desperate to score. But that doesn't bother me. The main thing for me was that I was here."
- Sports & Recreation