Rangers ambition rules Davies out of Celtic running
But, for the moment, the Nottingham Forest boss is looking to lead Forest back to the Barclays Premier League through the play-offs.
He told BBC Alba's Sports programme: "I'm very open minded with regards to the future. I would love to, no doubt, someday manage Glasgow Rangers.
"Whether it's in 10 years, 15 years - whatever.
"However, for now, I'm desperate to get back to the Premier League. I want to get back there with a club that will financially support its manager, a club that wants to compete at that level and doesn't want to change owners. That's my biggest challenge."
He spoke fondly of his time at Rangers, despite his failure to break into the side.
"For me, it was always a challenge being a young player joining Glasgow Rangers," he said.
"You've got to be very patient at these big clubs to try and get some games. Hence the reason why a lot move on and take on another challenge.
"At Rangers, I never really got a great deal of challenge, although I think my 5ft 6in stature never helped me."