The Spanish striker spent six years with Rangers before heading back to his home country in 2010 in a switch to Sporting Gijon.
Novo's family are still based in Glasgow and he admits that leaving the Light Blues might have been a mistake.
The 34-year-old played in a charity match between Rangers legends and former Manchester United icons on Sunday, but he must wait to see if manager Ally McCoist wants to strike a deal with current club, Spanish Second Division side Huesca.
"There has been lots of rumours and talking. Obviously I love this club and I would like to come back," Novo said.
"It's my home, really. For family reasons, it's actually harder for me to stay in Spain.
"My child still stays in Scotland, so it is difficult.
"I miss Rangers a lot. I never thought I would miss it this much. The people here were always great with me. They treated me very well.
"In some ways I regret leaving, in others I don't. I'm the type of person who never regrets things. It's all about having different experiences.
"But I would like to come back. It's now between my agent and McCoist. I spoke a little with him today, not much. I will speak again when the time is right."