The 26-year-old, currently playing for Wigan Athletic, has scored four goals in 16 appearances for the Latics this season.
Windass scored 19 goals in 73 games during his time at Ibrox but divided opinion among supporters - but they now have a "minor interest" in bringing him back to the club, according to claims made on a podcast.
Football Stewart, a respected analyst of the Scottish game, believes Rangers could still look at bringing another player in. He said: "I think one will come in.
“The only thing I’ve heard is that Rangers retain a minor interest in bringing Josh Windass back on loan, but file [that] under 'unlikely'."
The Ibrox side have been linked with a host of France-based players, most notably strikers Serhou Guirassy and Moussa Konate and centre-back Mexer. Croatian-based midfielder Lovro Majer was also linked with a move to Ibrox from a market the club has previously dipped into.
"They've scouted plenty in France but nothing seems close. [Lovro] Majer died down a bit as well," he added.
Windass left Ibrox in August 2018, but is now thought to be a potential target for Nottingham Forest, Bristol City and Cardiff City.