Instead, the 36-year-old has chose to return to Rangers six years after quitting in the wake of the club's financial meltdown.
The veteran goalkeeper has signed a two-year contract at Ibrox Stadium to become manager Steven Gerrard's second signing. "He is vastly experienced goalkeeper who we feel can add to the options available to us now".
McGregor made 278 first-team appearances for Rangers from 2002 to 2012 and in an exclusive interview with the club's official TV channel at Ibrox this afternoon he admitted he is excited to play for Gerrard and McAllister at the start of a new era for the Light Blues.
"He is a Rangers supporter who rose through the ranks here, so having someone with such a depth of feeling towards the club is another great asset to the squad". He played for Dunfermline and St Johnstone on loan during his time at in Scotland but he then went on to play in over 200 Rangers games during his time at the club.
McGregor, who has 38 worldwide caps, moved to Hull after a year in the Turkish top flight.
The goalkeeper won eleven major titles with Rangers including league titles in 2009, 2010 and 2011. "To be back is incredible".
"I'm buzzing to be back, I can not keep the smile off my face". 'When the chance came, it was a no-brainer and I am buzzing to be back. We need to make this place [Ibrox] a fortress where nobody wants to come, we need to win games, no matter who you are playing.
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