Gow, 25, began his career at Clydebank before making his name at Airdrie United and Falkirk. He joined Walter Smith's side last summer but only featured twice in the season, albeit in 4-0 and 6-0 victories.
The attacking midfielder had been included as a makeweight in the deal that took Kyle Lafferty to Ibrox from Burnley, but rejected the chance to join the Clarets. The Daily Star believes Glenn Roeder has agreed a fee of £300,000 for the player, who has two years remaining on his current deal.