Davis won three consecutive league titles with the Glasgow giants between 2009 and 2011 but following their plummet into insolvency in 2012, the Northern Ireland international moved to Premier League club Southampton.
Speaking before the international friendly between Scotland and Northern Ireland at Hampden Park on Wednesday night, the 30-year old said he was open to a potential Rangers comeback if the opportunity was to present itself.
"In football you never know. I loved my time there. If the opportunity arose then it would be something I would have to consider," said Davis.
"It's a club I look back on fondly. It was a great time in my career.
"I was lucky enough to have four and a half really successful years there and the positives largely outweighed any negatives.
"The biggest disappointment was the way things (insolvency of the club) happened and unfolded in the end. That was probably the hardest thing to take.
"But I'll always look back on it as one of the most important and enjoyable periods in my career."
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