The 25-year old striker has missed the entire campaign with a knee injury he suffered in April last year at the end of his 15-goal Premier League campaign in 2013/14.
Rodriguez is now back in training with the Saints, who have four fixtures remaining, but Head of Football Development, Les Reed, says the former Burnley star shall not be rushed.
"Jay's training most days now fully with the team," Reed told Sky Sports News HQ. "He's looking in good shape, he's a superb athlete at the moment, from spending such a lot of time training.
"The big question is how does it stand up in the intensity of a Premier League game? It's too early to look at that, at the moment.
"I think he'll be playing next season now. It would be lovely to get him out on the pitch but then you have to weigh that up against the risk. What's important for Jay is that he has a real thorough pre-season with the squad and is fit and strong."