The fans' favourite - who left Ibrox in 2010 - is out of contract with Huesca at the end of this campaign. A transfer embargo means Light Blues boss Ally McCoist can only register free agents from September 1.
Novo, 34, will be back at Ibrox for a legends game against Manchester United on May 6 and hopes to persuade McCoist to hand him a deal.
He told the Rangers website: "I can't wait to play for the fans again.
"I have always been close to them and I have really missed that side of things while I have been away because Rangers are massive.
"The supporters have suffered a lot this season with the situations at the club and hopefully I can help them have a nice way to finish the year. I can't wait to feel the atmosphere they create and I just hope it's not the last time I play at Ibrox.
"At this moment in time, I am leaving Huesca at the end of the season and I want to come back to Rangers.
"It still feels like I only left yesterday. It is my team, my club, and I really miss it. It is in my mind that I want to return to the club next season.
"I will need to speak with Coisty and see what he says but that is the first thing on my mind. I would love to play for the club again.
"I have so many good memories and it has been nice over the years to have so many fans asking me to come back. For me, it is my home."
- Sports & Recreation
- Ally McCoist