McPake spent time on loan at Dundee in the Scottish Championship last season, though his stint was interrupted by injury.
The 18-year-old winger may again be sent out to gather first team experience for the 2020/21 campaign and has several potential destinations.
Scottish Championship teams Raith Rovers, Greenock Morton and Queen of the South are all keen on McPake.
He also has an option in Northern Ireland as Linfield manager David Healy is an admirer.
McPake and Rangers are set to sit down to decide which move makes the most sense.
The winger came through the youth ranks at Ibrox and is highly regarded by the club.
McPake has been capped by Scotland up to Under-19 level and will be looking to kick on over the course of the season as he aims to continue his development.
He is under contract at Rangers until 2022.