Gallacher kept his fourth clean sheet in seven games this season when Rangers beat Berwick 2-0 in the Ramsdens Cup on Tuesday night but Cammy Bell is set to take the gloves after Rangers register him on Monday following the end of their transfer embargo.
McCoist has former Dundee goalkeeper Steve Simonsen on trial and he would be second choice if Gallacher is shipped out for some first-team experience.
McCoist told www.rangers.co.uk: "Steve knows we would like to offer him something if we can get Scott out on loan to play games. It's quite simple."
Speaking after the game, Gallacher said: "I'm not sure exactly how things stand at the moment and we'll just need to wait and see what happens.
"Up to now, I've had a really good run in the team. It has been a great start to the season and it has been good to play in the team.
"I've been enjoying it personally and I feel I've been doing well in matches and also in training with Jim Stewart.
"He has been keeping me confident and showing me all the right things to do so it has been very beneficial for me.
"No matter what happens going forward, I definitely think this season will benefit me and playing games for Rangers at the start of it has been a massive bonus.
"From a selfish point of view, I hope it's not my last game for the team for a while but if the gaffer wants me to go on loan that's what I need to do."
Cole has departed days after being disciplined for failing to show for a reserve friendly against Cambuslang Rangers.
The 21-year-old defender made five first-team appearances for Rangers but had not featured this season.
McCoist said: "Darren's contract has been terminated and he goes with our best wishes. It's a mutually-agreeable situation and hopefully he progresses."
That development could help McCoist sign 19-year-old midfielder Sam Kelly, who has been training with Rangers after being released by Everton.
"Sam has showed up well too in training," McCoist said. "I haven't had a chance to speak to Craig Mather about him yet but I will to see if there's a possibility we could maybe offer him something.
"I have said my priorities are at centre-forward and centre-half, there's no doubt about that, and Sam doesn't play either of those. He'd be a luxury but a nice one to have."
Meanwhile, McCoist's interest in signing Kenny Miller looks to be dead after Vancouver Whitecaps confirmed they had "no intention" of moving the 33-year-old on.
McCoist confirmed his interest in bringing the former Scotland striker back to Ibrox on Tuesday but Miller is under contract until June 2014.