People keep saying things like this makes sense if its cheap or free to have him available as a backup, maybe playing out of position, which is crazy enough. But it absolutely can't be cheap or free.
When we took him on loan, we didn't pay a transfer fee, but covered 100% of his wages. £90k a week. That's £4.68 million per year.
Leeds was against the wall because he has a relegation loan clause. They likely maintained a PSR deficit on amortization on his contract, but agreed to the terms to gain relief in the wage bill.
Even if we took him on loan again, that's another £4.68 million in wages, but Leeds will want to be done with him, and will not want to take a PSR hit and so that means bringing in a fee to cover at least his £2.75 million book value.
He has reportedly been shopping himself to MLS clubs, and it's the right move, because he could be a star there and some clubs will be willing to pay a high wage for a former MLS star with PL experience. He's better suited to a lower league, and Thelwell may want him at Rangers, but that is pretty difficult considering wages, unless their owners are willing to take a loss to separate him from Leeds and give him a chance in Scotland, where he'll be much more competitive.