The 26-year-old, who was transfer-listed by Gers boss Steven Gerrard last summer, could pen a loan deal at McDiarmid Park as Wright desperately seeks additions to his St Johnstone squad.
Former Hearts ace Holt spent time on loan at Fleetwood Town last season, playing under ex-Ibrox midfielder Joey Barton. He returned to Rangers during the summer but won't be part of the first team this season.
With 12 months left on his deal, Holt could leave Ibrox on loan, with Wright said to be leading the race for his signature.
Meanwhile, Fraser Forster is closing in on a return to Celtic. The Southampton 'keeper could sign a loan deal until the end of the season if he passes a medical.