Liquidation and demotion to Scottish football's bottom tier last year meant no European football for the foreseeable future for the Light Blues. But, having completed stage one of their journey back to the top by winning the Third Division title last season, McCoist is confident that Rangers' rise can be a rapid one.
He told RangersTV: "The five-year plan for us is quite simple - we need to be back competing in the Champions League. At the end of five years, you would be very, very hopeful that's where the club can be. We will need the fans' help again. They have been absolutely outrageous in their support for this club but we need it again and we will need it continually."
He added: "With their support, I believe the five-year plan will be fulfilled and that will be Rangers in the top flight of this country's league and at the top of it, winning leagues and cups and getting into the Champions League."
For now, as well as targeting the Second Division championship, McCoist is hopeful of success in the cup competitions in the new campaign.
He said: "We go in to win every competition we are in. I'm of the opinion that we are far better placed this year to challenge in the cups.
"We should be hoping for a good cup run and success. We are not in a position to say we are going to win this and we are going to win that.
"We are in a position to have far greater hopes and desires to do better in the cup competitions."