The Scotland international left Ibrox for Goodison Park on a free in the summer after 'Gers fell into administration and then liquidation and he suggests the uncertainty surrounding the club was enough for him to depart.
But Naismith feels he cannot return to Rangers after the way he left has been turned bitter by current chief Charles Green who is suing him for breach of contract.
"If you had asked me just before we went into adminstration if I would like to stay at Rangers for the rest of my career, I'd have probably said yes. Circumstances change and you need to make decisions you don't want to make, but you have to," he said.
"Will I be able to go back through the front door at Ibrox one day? Who knows?
"I would like to, but I'm not going to sit here and say: 'I would love that day blah blah blah', because it might never come.
"You just never know. It's something I am dealing with.
"Right now I would not go back for a game.
"A lot of fans are not happy with what happened and what went on, but you never know in the future.
"The whole situation is still raw at the moment but I am proud of the fact I played for Rangers for five years and won trophies."
He added: "I'm a Rangers fan, I grew up a Rangers fan and it was the hardest decision of my career to leave. I still look at the results. If there was an Old Firm game tomorrow, I'm sure I would watch it and have the same feelings.
"I've not got a personal issue with Charles Green or anyone involved at Rangers.
"I spoke to the management before I left and everything seemed to be fine. I have a lot of good friends there.
"In the situation we were in I got all the information I could and weighed up all my options and made the decision."