Rangers are trying to sign Bell on a pre-contract agreement that would see the Scotland cap join on September 1, when the club's transfer embargo expires.
But that does not necessarily spell the end for 34-year-old Alexander, who has been in talks with the club over a new contract since the end of last year.
McCoist told RangersTV: "We are interested in Cammy Bell. We would like to keep Neil as well because I want to have two strong goalkeepers and then it would give me the opportunity to send Scott Gallacher out on loan.
"Cammy is a player we have looked at and he fits the bill in terms of his ability and his availability in terms of being out of contract in the summer.
"Nothing has been finalised but he is a player we hope to have a chat with and find out what his situation is."
Bell, 26, revealed yesterday that his agent was talking to a number of clubs including Killie.
Bell said: "There has been discussions but I haven't signed anything with anyone yet. My agent has spoken to a number of different clubs. It's not just one club.
"He's been talking to Kilmarnock for the last two or three months, and there's been three or four other clubs who have contacted him to ask about my situation."
McCoist also revealed he was hoping to tie down 18-year-old winger Fraser Aird on a long-term deal and reported bad news on captain Lee McCulloch's recovery from an ankle problem, which has kept him out since January 5.
McCoist said: "Lee is struggling unfortunately. He has been having this pain in his ankle and we are going to send him back for another scan.
"Obviously the injury is not right and we need to get it right."
Defender Ross Perry (hamstring) and striker Francisco Sandaza (thigh) are both expected to miss the Irn-Bru Third Division clash with Clyde on Saturday.