The Spaniard spent six years at Ibrox before he opted to return to his homeland with Sporting Gijon in 2010.
However, the 34-year-old, who now plays for Huesca, has revealed that both on a personal and professional level, a return to Rangers would be the best thing for him.
"There has been lots of rumours and talking. Obviously I love this club and I would like to come back. It's my home, really. For family reasons, it's actually harder for me to stay in Spain," he said.
"My child still stays in Scotland, so it is difficult. I miss Rangers a lot. I never thought I would miss it this much. The people here were always great with me. They treated me very well.
"In some ways I regret leaving, in others I don't. I'm the type of person who never regrets things. It's all about having different experiences. But I would like to come back. It's now between my agent and McCoist. I spoke a little with him today, not much. I will speak again when the time is right."
Novo scored 73 goals during his first stint with the Gers.