The 25-year-old recently rejected a move to Burnley and Championship rivals Norwich emerged as the frontrunners to sign him.
Doncaster were also linked but reports now suggest that Gow would prefer to stay in Scotland.
"If Alan has turned down the chance to join Norwich I'm definitely interested in getting him," McGhee said in the Daily Record.
"I've spoken to Walter Smith about the player before now and I'll be speaking to him again."
Gow had a frustrating first season at Ibrox following his switch from Falkirk 12 months ago, making just two appearances.