Gallacher has been Rangers' first-choice keeper so far this season, but they are poised to bring in former Kilmarnock shot-stopper Cammy Bell when their transfer embargo ends at midnight on Saturday.
McCoist is also keen to sign veteran keeper Steve Simonsen and believes that a loan move for Gallacher will not only enable that move to happen, but will also benefit Gallacher in the long run.
"We have been delighted with Scott, he has come in and not looked out of place at all and he has been pretty assured," McCoist told Press Association.
"But we are still of the opinion that it would benefit him and ourselves longer-term if he goes out and plays for a full season somewhere.
"I've explained to [Simonsen] that we would be desperately keen to offer him something as soon as we get Scott Gallacher organised. The big fella is well aware of that and has been kept up to speed. Hopefully that would be the case in the next 24 hours."
Rangers currently sit atop the Scottish League One table and will look to extend their lead over the chasing pack when they take on East Fife tomorrow.