The 35-year-old is approaching the end of his 11th campaign with the Swans, in which time he has played a part in their rise from the third tier to the first.
Rangel was overlooked by former boss Paul Clement, however, featuring just six times in the first half of the season, and he has since struggled with injury since Carlos Carvalhal took over in late December.
With his contract due to come to an end in the summer, the Spaniard concedes that finding a new team is an option.
"Everything is on standby at the moment," he is quoted as saying by told the Swans Show. "Obviously I have been out for eight weeks so I could not really go and talk to Huw Jenkins or anyone else about my personal situation. I want to play first, I want to show to myself and everyone else that I can still play, that I can still do it.
"My intention has always been to play until I am 37 or 38. I am 35 now, I know the Premier League is a very demanding league, especially physically. But we will see, my target is to keep playing.
"If it is at Swansea, that is my first priority. It would be a dream come true, as I have always said, but it is out of my hands at the minute so let's see what happens, if we can talk and see what we decide. If not, unfortunately we will have to see what else we can do.
"For sure I want to be involved at the club in the future, I want to have a role in the coaching side of it or something else, like scouting. But, for sure, football-wise I feel I can still play for two more years. I have been a very good professional all my life and I look after myself. Injuries are a big part of the game and I have been unfortunate."
Rangel joined Swansea from Spanish lower-tier side Terrassa in 2007.