The club are still without a permanent boss and they have been unsuccessful in their search thus far.
Names such as Chris Hughton and Lee Bowyer are being linked to the club.
According to Sky Sports, West Brom want Northern Ireland boss O'Neill to take the job.
He has already met with the club's senior officials, but it is unclear if the move will happen.
O'Neill would want assurances about the club's stability if he is to give up a good job with Northern Ireland.