The 24-year-old has not featured for Rangers this season and has spend much of the last few years loaned out to other clubs to gain experience.
Former England Under-19 international Ephraim was linked with a move to New York Red Bulls during the January transfer window but remained in west London.
Now the ex-West Ham trainee knows he may be forced to leave in search of regular football.
"Promotion was a great moment but to be honest I haven't had many good moments since," he told talkSPORT.
"I just want to go somewhere, play some games and get a smile back on my face.
"I'm a London boy and playing here is great. But whether it's in London or not, or abroad, I just want to play and move my career forward."