McCoist was weighing up a move for former Wolves defender Berra as he looks to bolster his squad, but he will not be pursuing his interest in the Scotland international and feels he is close to joining another club.
However, McCoist admits talks are ongoing with Pandza's agent about a deal to bring the Bosnian to Ibrox.
"The deal for Berra is off," said McCoist. "I think he is going to go to a Championship club.
"But the club is still talking to Boris Pandza's agent and I have spoken with the player. There is still a long way to go, but he is someone we are interested in."
McCoist also admitted he is weighing up a move for Bilel Mohsni after he caught the eye in their 2-0 pre-season win over Brora Rangers on Sunday.
Former Southend defender Mohsni is currently on trial at Rangers and McCoist knows he could face competition for the big stopper.
"The way Mohsni performed was encouraging and he has fitted in with the lads," added McCoist. "There is every chance he could play against Elgin in midweek.
"I spoke with Paul Sturrock about him and he gave a great report. But Sam Allardyce is also interested in him and Ian Holloway at Crystal Palace had the lad as well.
"I have spoken with all three of them, because you do your homework with due diligence.
"It's not rocket science. If a club comes in and offers big wages then we'll be up against it. But he knows we are a big club and that we are developing as a team. It's been encouraging but we will wait and see what the future holds."