The 29-year old Spaniard left Ibrox for the English Premier League three years ago but his future is clouded after falling down the pecking order at Villa.
It is believed that 'Gers boss Ally McCoist is keen to bring him back to Glasgow and Cuellar admits he would be open to the move if Villa are.
"Obviously I have to find out what Villa want me to do but I'm very surprised to hear that Rangers want me back," he told the Daily Record.
"A lot of people have been talking about it on the internet and on Twitter saying, 'I want Carlos back - or Carlos has to be here'.
"It's exciting because Rangers, for me, has so many good memories.
"It's exciting if there is a possibility to go back because all of those good memories come back - the city, the club, the people, how much they loved me and how much I loved them.
"Then there is the Champions League and the chance to win trophies again. Who wouldn't be excited about something like that?"
He added: "I only left because I was told if I wanted to have a chance of playing for the national team then I had to leave Scotland and move to the Premiership or return to La Liga.
"Three years ago I thought I had a chance and I did what I had to do. I was listening to people who were part of the national team. I did what they advised.
"But now I can follow my own dream and I won't let other people tell me what is best.
"I know myself what will make me happy. I was so happy at Rangers and this time, if I get the chance to return, then I will follow what I want to do."