The 19-year-old's impressive form for Harrogate Town in English League Two has drawn reported interest from clubs in the second tier, including Bristol City and QPR.
McPake joined the club in January, netting twice in 14 appearances, after a loan spell with Greenock Morton.
He is due back at Ibrox in the summer when his loan deal ends and will look to stake a claim to be part of Steven Gerrard’s squad for next season.
Ex-Rangers star Alan Hutton reckons his former club will want to keep hold of him with the player highly regarded at Ibrox. He made his debut under the current boss in a Europa League qualifying tie in 2019.
It was the same year McPake penned a three-year deal which means he still has a year left on his contract.
“He was one of the ones coming through Peter Lovenkrands spoke about quite a lot,” Hutton told Football Insider.
“As far as I’m aware Gerrard really likes him as a player.
“It just shows you how well he’s doing down there. Rangers will obviously know this but they’ll be keen to keep him.
“Maybe that’s one that Steven Gerrard will be looking at thinking: ‘Right, we’ll have a look at him in the summer. See if he’s capable of competing within the squad.’ Then they’ll make a decision.
“It’s as simple as that. So it’s really down to the coaching staff and where they see him fitting in – if they do.”