The Nottingham Forest striker is currently on loan at Ibrox from Nottingham Forest, and hit his sixth goal of the season in the 2-1 win over Hearts on Sunday.
There has been talk of the Gers signing Cummings on a permanent basis in the summer, after he struggled to hold down a regular starting spot at the City Ground under Aitor Karanka, and predecessor Mark Warburton.
But the Tractor Boys have reportedly earmarked the 22-year-old forward as a possible replacement for striker David McGoldrick, who looks set to leave Portman Road in the close season.
Cummings would be joining two former Ibrox strikers at Portman Road in Martyn Waghorn and Joe Garner, who both joined the East Anglian side last summer from Rangers.
Former Hearts kid Cummings signed a three-year deal with Forest in the summer of 2017, and made 17 appearances for the Championship side in all competitions, scoring four goals.
Cummings, who hit 20+ goals in three seasons at Easter Road, has made 14 appearances since signing for Rangers in January, and his loan club are understood to have agreed terms with Forest over a buy-out clause in the summer.