The former Kilmarnock winger has made just five starts since joining from Goodison Park in August.
"Matty's had the impact that I knew he would when I brought him here," Stubbs told The Herald. "He's done really well since he came and he's been really unlucky not to be in the team more often.
"He's here until January, but if there's a possibility of sorting something else out with him, we'd obviously be interested."
For the big stories and the banter follow us on Twitter: @tribalfootball