The 26-year-old only left Liverpool for Saudi Arabia in a deal said to be worth £46 million last summer but is already eyeing an exit.
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Nunez has struggled in Saudi, scoring just nine goals and providing five assists in his 24 games across all competitions.
Al Hilal recently made the decision to axe Nunez from their Saudi Pro League squad following the arrival of Karim Benzema.
According to Uruguayan outlet El Observador, Nunez and his club have now reached an agreement that would allow him to leave this summer.
Juventus, AC Milan and even Chelsea have all previously been linked with a move for the striker, with a return to Europe likely.