Christian Dailly has not yet accepted that his Rangers career is over and is due to meet manager Walter Smith next week to find out if he is still wanted.
Rangers announced at the end of the season that the 35-year-old former Scotland defender would be leaving.
"In an ideal world, I think the manager would like me to go back," he said.
"But I don't think a lot of those decisions will be in his hands because it looks like there will be a lot of financial restrictions at the club."
The Scottish Premier League is facing an uncertain future with broadcaster Setanta - and its television deal with the country's top flight - close to collapse.
And Dailly, who arrived as a free agent from West Ham in January 2008 and last season was used intermittently as a utility player, admits he may have to continue his career in England.
The veteran looked to have played his last game for Rangers as an 88th-minute substitute in the Scottish Cup final win over Falkirk at Hampden, after which the Ibrox club announced they would not be offering him another contract.
"I am still keen to play, I love my job and I am fit enough to do it"
But, after completing the the Men's Health Forum Scotland 10K race in Glasgow, Dailly said: "I spoke to Rangers at the end of the season and I have to go back and speak with the manager again.
"We said that, after three or four weeks, we would have a chat again so that's what we will do.
"I've not bothered with anything else because I wanted to turn the phone off for three weeks to relax and I'm still within that period.
"But next week I will be able to get something sorted out for next season.
"So I wouldn't rule it out completely, but I think it is probably unlikely."
The former Dundee United, Derby and Blackburn player, who commuted from England during his time at Ibrox, says that, if he is not re-signed by Rangers, he would only consider clubs south of the border.
"I am still keen to play, I love my job and I am fit enough to do it," said Dailly.
"I live down south, so I'm restricted. Rangers were great, they are an unbelievable club.
"I was able to fly up and down, they gave me a flat and it worked really well.
"It was easier than being at Southampton on loan, when I was driving four or five hours each day to get there and back, which is a bit daft at times.
"The manager trusted me to train at Rangers and I had an understanding with him that I wouldn't chap on his door expecting to play all the time.
"I was there in case I was needed. But there is no reason why, if you have the knowledge and train clever, that you can't keep on playing."
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