Ex-Aberdeen and Kilmarnock star Magennis, who scored for his national side against Estonia at the weekend, is expected to be leaving Bolton following their collapse into administration and relegation to League One.
Magennis has one year left on his contract having signed from Charlton Athletic last year in a £400,000 move.
His international team-mates Steven Davis and Jordan Jones will both be at Rangers next season, but Kyle Lafferty and Gareth MacAuley are likely to leave.
Enjoy the convenience of having The Sunday Post delivered as a digital ePaper straight to your smartphone, tablet or computer.
Subscribe for only £5.49 a month and enjoy all the benefits of the printed paper as a digital replica.