Balogun, who joined Rangers from Wigan Athletic on a free transfer last summer, began his playing career in Germany and has played for the likes of Mainz and Fortuna Dusseldorf.
Though his international alliances lie with Nigeria, the 32-year-old was born in Berlin and has admitted that he would be open to playing in Germany again.
However, despite his openness to return to Germany, Balogun insisted that his immediate future lies with Rangers, who have the option to extend his contract with the club until 2022.
Clear on his commitment towards the Light Blues, the defender explained that he is looking forward to playing in the Champions League with the Scottish Premiership giants.
“I was born in Berlin and if I had the opportunity to play again at home or in Germany, it would be outstanding“, Balogun told German broadcaster Sport1.
“But with Rangers, we are looking at the Champions League first, that we could jump into if we successfully get through qualification.
“Who wants to miss that?
“When I stop playing football, I will return to Germany.
“If that happens before then, I don’t mind.
“But my near future lies with Rangers.“
Rangers are said to be keen to trigger the option to Balogun’s contract for another year but are yet to officially do so.