The 24-year-old is free to discuss terms with other clubs with his contract due to expire at the end of this season, and the Ibrox outfit are reportedly keen to secure his signature.
However, Law has said that he would consider signing a new deal at Fir Park.
"I've had no contact from Rangers and have nothing to tell you on that one," he told The Scotsman.
"Rangers are a massive club, whatever division they're in. They have a great history and it's always flattering to have your name linked with these huge clubs, that's all it is - just flattery.
"Whether it's Rangers or any other club, if there's interest in you it's always flattering and you would consider any offers. At the minute I'm at Motherwell and I'll consider offers from them as well."
Law has made 35 appearances for Motherwell this season.