Dynamo president Igor Surkis has confirmed discussions about a new loan are ongoing.
"We are now at the stage of negotiations with the club that wants the one-year loan," said Surkis.
"We put forward certain conditions, and if accepted, we will be ready to give Popov another season."
"I met Goran. He made it clear that if the option with West Brom doesn't happen, he is happy to return to Dynamo.
"He said he would like to finish his career here."