The 33-year-old forward - who lives in Doncaster - impressed on loan at the Keepmoat Stadium towards the end of last season.
He is a free agent after Scunthorpe recently confirmed they will not be renewing his contract.
He told BBC Radio Humberside: "Nothing's signed yet, but it's probably 100% more or less going to be Doncaster.
"Doncaster are the ones that are going out there to get straight back up and have a promotion season.
"It's a proper club with big potential so really, it was the one that was standing out to me."
McSheffrey scored once in seven games after arriving on loan at Rovers in March, provided several assists and also helped to provide a link between midfield and attack.
Boss Darren Ferguson has made no secret of the fact he hoped to lure the former Coventry City and Birmingham City man to the club on a permanent basis - and this week's capture of Tommy Rowe may have helped persuade McSheffrey that Rovers really do mean business.