Rangers owner Craig Whyte this week revealed the club were working behind the scenes on exploring possible moves to bigger leagues.
Whyte mentioned the English top flight and the idea of a competition involving teams from northern European countries.
McCoist admits there is a lot of work to do before Rangers could switch to England but he would welcome the financial benefits.
McCoist told BBC Scotland: "Could it happen? Of course, absolutely. Television has a far bigger say in the proceedings than a lot of people would imagine.
"A lot of things would have to happen for this to happen, lots of discussions.
"I, for one, am not going to say it is never going to happen.
"From Rangers' and Celtic's point of view it would be very encouraging. It is obviously a completely and utterly different market.
"If Rangers and Celtic could get involved in that, the financial side would be absolutely fantastic."
Premier League clubs overwhelmingly rejected proposals for the Old Firm to be involved in a two-tier competition in November 2009, when chief executive Richard Scudamore declared the idea a "non-starter".