The 20-year old defender spent the second half of last season on loan at Ibrox and impressed so much that McCoist is hoping for a return.
"It would be great to have him back," he said.
"I spoke to Arsene Wenger and Arsene wants to have a good look at Kyle in pre-season before he makes any decision on anything.
"I can totally understand his view. He is absolutely, 100%, within his rights and I would do exactly the same. He doesn't need to look at his players just now."