Cousin impressed with Rangers during the 2007/08 season before leaving for Hull and he could be a short-term answer to Ally McCoist's striking problems.
McCoist saw Nikica Jelavic leave for Everton before the closure of the transfer window and the SPL champions were unable to bring in a replacement.
McCoist told Blues News: "We definitely, definitely need to strengthen, if we can, in the forward area.
"I won't bring anyone in just for the sake of it, that's not going to help anyone.
"But there are one or two we have been looking at and, if we get the opportunity to bring them in, then believe me I will."
A move for Cousin is now in the pipeline after the Gabon international impressed at the Africa Cup of Nations during the co-hosts' run to the quarter-finals.
He has most recently been playing in his homeland for FC Sapins and reports claim Rangers are waiting for confirmation that Cousin is eligible to sign for the club on a free transfer.
The 35-year-old's agent Willie McKay has confirmed there have been discussions and that Cousin is interested in a return to Ibrox.
McKay told the Daily Record: "Daniel had talks with Ally McCoist and everything looks very positive.
"He has a few offers on the table because of his recent form with Gabon but he is keen on the idea of returning to Rangers.
"The last time I took him there they won the title so who's to say it won't happen again?"
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