Popov spent the whole of last term at the Hawthorns and made 10 appearances under Steve Clarke as the side finished eighth.
Dynamo president Igor Surkis has revealed the two clubs are once again in talks as the Baggies look to utilise his services and bolster the squad.
The Macedonia international insists that if a deal does not emerge to return to the Premier League he is more than happy to continue his playing days with the Ukrainian side.
Surkis said: "We are now at the stage of negotiations with the English club that wants to regain the Macedonian one-year lease.
"We put forward certain conditions, and if accepted, we will be ready to give Popova another season.
"I met Goran on Monday. He made it clear that if the option with West Brom doesn't happen, he is happy to return to Dynamo."