The 21-year-old left winger is a product of the Rangers academy and joined Scottish League One outfit Falkirk on loan last summer.
Kennedy made 38 appearances for Falkirk in all competitions this season, netting eleven goals and assisting ten times.
He has been a key part of John McGlynn’s side and helped Falkirk reach the Scottish Cup semi-final and League One playoffs this season.
Kennedy’s contract with Rangers is set to expire at the end of this season and the player has no shortage of suitors in the transfer market.
Two Scottish Premiership clubs are interested in acquiring the signature of the Rangers winger, while Croatian side Osijek are also keen on him.
It has been claimed that Kennedy will leave Rangers at the end of his contract and Osijek are leading the race for the Ger’s signature.
Kennedy has made just one senior appearance for Rangers and he will be one of many Gers players who will leave the club at the end of this season.