The defender is in China after troubled Hearts agreed a £400,000 fee with Shandong Luneng Taishan. According to reports, the move is likely to be short-term until November, paving the way for Rangers - who are under a transfer embargo until September - to make a move then.
The Glasgow giants failed to lure McGowan to Ibrox in the August window but McCoist admits the player is still on his radar.
He said: "He's a good player. Ryan is a player we obviously tried to get earlier.
"He's like everybody else, we keep a completely open mind and we monitor players who we have been watching and we will continue to do that. I would absolutely rule nothing out."
Rangers are unable to recruit new players this month but can sign free agents from September 1, meaning McCoist will be looking to secure his targets on pre-contract agreements over the coming weeks.
He said: "There is no progress as yet but we've got one or two players we have been looking at and we've got on the radar. Our chief scout has been keeping us updated but there is nothing to report yet."
While making plans to bolster his squad later in the year, McCoist is also keen to reward some of his current players with new deals, including defender Chris Hegarty, who is on a one-year contract.
The manager said: "If there is one player in the squad who probably deserves a contract, it would be Hegarty. I haven't had any great lengthy discussions with him, just brief discussions with him.
"He's earned the opportunity to get himself a new contract, with the way he has come into the team and the way he has performed. We have to look outside but we have to reward the players who deserve new contracts as well. He is one we will look at."