Not a problem at all. There is no requirement that you have an unexpired green card prior to applying for naturalization.
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You don't need to renew first, but you should make sure that you're eligible to apply.
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Generally you must be a permanent resident for 5 years before becoming eligible for naturalization. There are some exceptions however. The expiration of your green card does not mean that your permanent residency status has expired. So you should be able to apply for naturalization without having to renew your green card.