Borrowdale, who spent a month on loan at Colchester during October, has found first-team football hard to come by at the Ricoh Arena and was told by boss Chris Coleman earlier this week that he is free to leave the club.
If Rangers tie up a deal for the versatile stopper he will become new boss Paulo Sousa's first signing since taking charge last week.
Meanwhile, Coleman is looking to make an emergency loan signing following the injury to right back Stephen Wright and his stand-in Isaac Osbourne during Tuesday's 1-1 home draw against Swansea.
"Wrighty looks like he has damaged his medial ligaments. Ozzy was on for five or 10 minutes and rolled his ankle," said Coleman.
"We put Marcus at right-back which is not ideal because he is a left-sided player, but that is what we have got so we are going to have to look at the loan situation because it is not fair to ask Marcus to play right-back.
"We are going to have to do something really quick. I will see how bad Ozzy is and get him and Wrighty scanned before we make a decision, but it looks like we may have to get someone in."



