The Scottish champions were in the same Champions League group as Manchester United this season and boss Walter Smith admitted he would have relished meeting another English team, with Liverpool and Manchester City also in the pot.
But, with the likes of Dynamo Kiev, Spartak Moscow and 2008 UEFA Cup final opponents Zenit St Petersburg also possible rivals, McCoist is happy to take on Sporting.
"You'd have to say yes it's a good draw," said the Ibrox number two.
"At the same time it's not an easy draw but I think the logistics are as important to us as anything.
"It's obviously a country that we know well and a team that we know reasonably well so you'd have to say we're delighted with the draw.
"I know the manager said he fancied another 'Battle of Britain' tie and we've certainly had a few with Manchester United and years ago with Leeds United which were fantastic for everyone involved."