Gers owner Craig Whyte this week revealed the club were working behind the scenes on exploring possible moves to bigger leagues, and the idea of a competition involving teams from northern European countries.
McCoist told BBC Scotland: "Could it happen? Of course, absolutely. Television has a far bigger say in the proceedings than a lot of people would imagine.
"A lot of things would have to happen for this to happen, lots of discussions.
"I, for one, am not going to say it is never going to happen.