The Gers were said to be ready to make a move for the frontman when Mark Warburton was in charge at the City Ground but he has been replaced by former Boro boss Aitor Karanka, who is yet to make a decision on his fringe players.
The 22-year-old is struggling for regular first team action at the City Ground and has started just seven times during this campaign but he was prolific previously for Hibs scoring 69 goals in 150 appearances.
Rangers face a battle with Championship clubs in England and League one sides but still hope to bring him to Ibrox on a temporary basis.
Pedro stepped off the bench to send Chelsea into the FA Cup semi-finals after they beat Leicester 2-1 at the King Power Stadium on Sunday evening.
RB Leipzig came from behind at the Red Bull Arena to end a run of four winless games and defeat Bundesliga leaders Bayern Munich 2-1 on Sunday.