Rangers had a wasteful spending spree last summer that saw £8 million splurged on several players who made little or no impact; such as Carlos Pena [£3m] who was sent out on loan after just six months.
McGregor is now Steven Gerrard's second signing since taking over as Rangers boss, following the capture of midfielder Scott Arfield from Burnley earlier this week. 'When the chance came, it was a no-brainer and I am buzzing to be back.
"I'm buzzing, I can not keep the smile off my face", McGregor told Rangers TV.
"I started training here when I was 12 years old and used to come through the main stand maybe twice a week".
McGregor joined Turkish giants Besiktas after leaving Rangers, before then returning to British football by linking up with Hull. "To be back is incredible".
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He said: "It will be great". I'm not saying we've not had that, I'm just saying consistently you need to make this place a fortress where nobody wants to come.
Gerrard was a victor and leader on the pitch as a player and McGregor is confident he will bring those attributes to his first managerial role with the Light Blues. 'I think it is a big coup for the club, ' he told Rangers TV.
He added: "Hopefully he will bring that winning mentality back". "We need to win games, it doesn't matter who you're playing, every game is an opportunity for three points".
"I hear that the coaching staff they are bringing in are very good as well, so that can only be a positive".
"If you keep doing that, as we've seen before, that's what wins you titles".
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Dwayne is singing the song and Ziva along with Suresh Raina's daughter, Gracia and other children are seen dancing. CSK are now in New Delhi for their IPL 2018 game against Delhi Daredevils which will be played on Friday.