The Italian international striker joined the Saints on a four-year deal 18 months ago for a £12.8 million fee, reuniting with former boss Mauricio Pochettino.
Despite initial promise, the 29-year-old was caught up in controversy and ended up moving back to Italy on loan, citing his struggles to adapt to English football as his reasoning.
This season, Osvaldo has spent the first six months of the campaign on loan at Inter Milan but a lack of first-team action has seemingly paved the way for another move.
According to Sky Sports Italia, Harry Redknapp’s struggling QPR side are eager to acquire his services and have been boosted in their pursuit after news of an agreement had been reached.
“Today he [Inter's sporting director Piero Ausilio] worked on the Osvaldo situation, he talked to Southampton and the English club agreed to let Inter decide his next destination. Ausilio then reached an agreement with QPR to loan them Osvaldo until the end of the season, now it will be up to Osvaldo to decide if he wants to join the London based club,” the report claims.
Charlie Austin aside, they lack goals and a new striker during the January transfer window is a must for the Hoops if they wish to improve on their dire away record and climb to safety.
Osvaldo, despite his polemics, is a natural goal scorer and if anybody can get the best out of him then former Spurs boss Redknapp is the man for the job.