A number of first-team regulars opted to move elsewhere following the financial collapse of the Light Blues, who were forced to call in the administrators 12 months ago before subsequently being consigned to liquidation.
In the week the club marks the first anniversary of one of its darkest days - administration was confirmed on February 14, 2012 - former captain Steven Davis revealed he would love to return to his boyhood heroes and play for Rangers again before the end of his career.
Davis sealed a switch to Southampton, who paid a fee for the Northern Ireland international.
McDowall said: "He's an ex-captain of the club and I know it was a wrench for him to leave.
"He's a top football player and I'd have him in a minute."
On the prospect of other former stars playing for Rangers again, he added: "We would certainly welcome them back because the guys who left are all good players.
"Whether the support would accept them, the players would need to win the support over again if they didn't.
"I couldn't say they are not welcome because they are good football players and it's a football club.
"We need to try to deliver the best for the supporters."