McCoist watched his side secure a spot in the last four of the competition with a 1-0 victory over St Johnstone on Tuesday, and he is hoping that a potential meeting with their fierce rivals is not the next challenge.
"When you get to the semis, you can't really pick and choose," the Rangers boss told reporters. "We all know who the favourites will be to pick up the domestic trophies, so in that respect I would take anybody but Celtic.
"If we did get Celtic it would be a very, very tough game and it would be stating the obvious to say we would be the underdogs, but the underdogs can sometimes win."
Celtic take on Partick Thistle in the quarter-finals on Wednesday.