McCoist is prepared to let the 28-year-old leave on a free transfer when his contract expires next summer, in order to keep him at the club.
He told the Daily Record: “I’d rather have Madjid here this season than lose him now.
“He’s such a good player for us and I know he could walk away from the club for nothing at the end of this campaign.
“Circumstances will dictate what happens but I wouldn’t rule out a new contract for him.”
