The impressive coach is set to agree a new deal.
Celtic boss Ronny Deila has been in the news this week, as rumours over his future continue to grow.
The Norwegian's stock continues to fall at Celtic after two draws on the bounce and a struggle ti win the Scottish Premiership this term. Their failings in Europe have also not made him popular.
Now the Belfast Telegraph is reporting that O'Neill is continuing in his contract talks with the Northern Ireland FA and a compensation fee has been agreed - if he was to find another move.
They claim that it would cost £750,000 to break his impending new contract.
Speaking about the new deal and his future O'Neill himself told the Belfast Telegraph:
"We hope to have everything finalised within the next week. It's been held up, not because of any specific reason, but drawing up the legalities of a contract takes a bit of time.
"Of course, the Euros will a shop window for coaches, as with the players. And by that point, contracts will be less significant. Should I leave the job I'm in, the Association will be compensated and I think the way the contract has been drawn up is fair in that respect to both parties."
O'Neill has performed wonders with the Northern Ireland team - taking them to Euro 2016 after a magnificent qualifying campaign.
If Celtic are keeping tabs on him then that compensation fee would not be a problem for them as they could afford such a fee, if they felt he was the man to lead them into the future.
This is of course all dependent on the future of Deila, but O'Neill's contract talks will no doubt be of interest to Celtic.