The 19-year-old forward joined Rangers in the summer of 2020 from Ross County and last season he was a regular in their development side.
Rangers are determined to help their youth players get more first-team experience through loan spells this season.
19-year-old Graham is highly rated at Rangers and the player is attracting interest from host clubs.
It has been claimed that three Scottish League Two clubs, in the form of Forfar Athletic, Stenhousemuir and East Fife, are interested in his services.
Graham has admirers in Scottish League League One as well, with Annan Athletic and Edinburgh City are keen on him.
Rangers are yet to decide whether League One or League Two will be suitable for his development.
Last season, Graham made 30 appearances for Rangers B in the Lowland League, scoring five goals and delivering one assist.
