Following his return to the Light Blues last summer, Balogun initially signed a deal until the end of the season.
However, his commendable performance, notably in the Scottish Premiership has sparked talks of prolonging his stay at the club.
Balogun has been instrumental in Rangers’ recent successes, notably aiding in their qualification for the Scottish Cup final.
Clement lauded the veteran centre-back for his strong character, indicating that it will be a pivotal factor in determining his future with the club.
“Leon is somebody who showed every day the right mentality, the right passion for the club,” Clement was quoted by the Scottish Sun.
“So that can be something that is on the table at the end of the season, but it is the end of the season that we can make a really good evaluation about everything and everybody.”
“It’s going to be a very interesting period in that way for us to make the right decisions for next season also.”
Leon Balogun has made 13 league appearances for the Gers this season.