The 48-year-old has two years left on his current deal with Northern Ireland and the Irish Football Association have offered him a four-year extension, but it seems likely that he will look for a new challenge.
Having taken the men in green to the Euro 2016 finals, he just missed out on the 2018 World Cup in the play-offs.
The former Shamrock Rovers' coach's stock rose when guiding his charges to second place in a group containing Germany, Czech Republic and Norway, but a controversial penalty in a 1-0 aggregate play-off loss to Switzerland saw them fall at the final hurdle.
Negotiations have been ongoing between the SFA and O'Neill's representatives for some time and it seems as though things will move on next week.
Stoke are in the frame for a new manager after the sacking of Mark Hughes and O'Neill's name has been mentioned, but it appears the former Newcastle midfielder will be staying in the international game.