The flop midfielder has now spent two loan spells in his homeland, after he was initially shipped out by the Ibrox club, who paid £2.2 million for him in June last year.
He initially went to former Rangers manager Pedro Caixinha’s club Cruz Azul last January.
But he was sacked by the Mexico City club, following a series of embarrassing off-field, alcohol-related incidents.
Pena, 28, then voluntarily checked himself into the Baja el Sol rehabilitation clinic, owned by boxing legend Julio Cesar Chavez, in the Mexican state of Sinaloa in a bid to recover from his alcohol addiction.
Pena checked out two weeks early after insisting he was clean, then Necaxa then took over his loan from Crux Azul and Pena was supposed to be there until January.
He was warned this is his last chance in football by Necaxa president Erneston Tinajero.
But having not even featured in the last two match squads and having made only five appearances since he joined his new club, Necaxa have decided to cut their losses.
Mexican media have reported that Pena has already left the club and is set to report back to Rangers, although he won’t be able to feature until January.
And with the 19-times-capped Mexican international reputedly earning up to £20,000-a-week with 18 months left of his contract, Ibrox boss Steven Gerrard must decided what to do with the troubled player if and when he does return to Glasgow.