"Spurs are up here this weekend and there might be a chance for some talks or at least a conversation," said O'Neill, told the Sunderland Echo.
"But at this moment, we just have to play it by ear and enjoy it having him here at Sunderland while it lasts.
"We have an agreement in place that we would be given some notice if Spurs wanted to recall him.
"And it's decent enough notice - something like a couple of weeks - so we would have a chance to find a replacement.
"If Tottenham do recall him, there is really nothing we can do about that - but hopefully that won't happen."