Defoe endured a somewhat frustrating campaign at Bournemouth last season, scoring four goals in 26 appearances, but the Cherries remain hopeful of keeping hold of the veteran, who has two years left on his current deal.
The 36-year old played a key role in the The Tigers squad in the 2017/18 season, featured in all 46 league games for Nigel Adkin's side. Before Hull, he spent some time in Turkey playing his club football for Besiktas.
Hull hoped he might sign a new deal with the club, having offered him fresh terms with them.
Steven Gerrard has already made his first signing this week, but the former Liverpool captain is already working hard on bolstering his midfield with a former teammate in mind. He has won lots of silverware for this club and has shone at the highest level in Europe'.
"I'm buzzing to be back, I can not keep the smile off my face".
In his first spell with Rangers he won 11 major trophies, including a hat-trick of league titles in 2009, 2010 and 2011.
Instead, the 36-year-old has chose to return to Rangers six years after quitting in the wake of the club's financial meltdown.
"I started training here when I was 12 years old and used to come through the main stand maybe twice a week".
McGregor caught up with RangersTV after signing his contract this afternoon at Ibrox and you can see a trailer FREE above then watch the interview in full on RangersTV HERE.
But they were relegated in 2015 and, as he recovered from injury, McGregor was loaned out to Championship rivals Cardiff City for the second half of the 2016-17 season.