Bocanegra, 33, will join in with pre-season training when it begins on Friday but the club will find out on the same day whether they will start next season in the First or Third Division of the Scottish Football League.
Leading players such as Steven Davis, Steven Naismith and Allan McGregor all refused to transfer their contracts over to the newco when Rangers were liquidated and have already left Ibrox.
Bocanegra, who joined Rangers last summer from St Etienne and started 29 games last season in the SPL, says he cannot firmly commit his future to the club.
“I would never rule it out," Bocanegra said of returning to MLS. "I started there and it’s awesome how much the league has grown.
“I love going to work every day here. Rangers is seriously the coolest club I’ve been part of, but I still have to explore all my options.
“It’s a tough situation and also an unfortunate situation because Celtic are going to win the league in December.
“It’s really frustrating. Sometimes I don’t understand the people in the league here.
“They want to punish them for wrongdoing, but then they’re also just hurting themselves.”