The club have until the end of April to inform Bouma of their intentions, but O'Neill has already indicated he is keen to retain his services.
And the former PSV Eindhoven player, signed for £3.5million in August 2005, is happy to remain in the Midlands for at least another 12 months.
He told the club's official website: "At the moment, I'm happy here. If the manager has said he'll sort it out, he'll sort it out. He did with the other players.
"I'm in a good position, so I'm not worried. I know he's pleased with me or he wouldn't pick me. The club are in a good position as well, so I have that option, and we'll see. But as I say, I'm not worried.
"Also the team are winning and I've stayed away from injuries which kept me out of the team at the beginning. But that's over now."