The 23-year-old spent the 2015-16 season on loan with the Tykes, starting 30 League One outings to help the club seal their promotion back to the Championship.
The talented midfielder has a year to run on his existing deal with Southampton - whom he joined at the age of nine - but he has struggled for first-team chances under current manager Ronald Koeman.
Isgrove, who has also enjoyed loan spells with Sheffield Wednesday and Peterborough United in years gone by, says he would indeed be interested in returning to Oakwell, if the offer to sign him is right.
“Obviously I’ve got another year there [Southampton], but we’ll see what happens in the summer,” revealed Isgrove to The Sheffield Star.
“But it’s been a great season and I’m happy I’ve been able to help Barnsley get back in the Championship.
“I’ll assess my options definitely [about coming back]. If they come in for me and the offer’s right they’ll have to speak to Southampton, but I don’t see why not.”
Koeman is widely expected to complete a move to Everton soon, which may boost his first-team hopes on the South Coast somewhat.
But, being realistic, at 23 Isgrove would most likely already be an established member of Southampton's squad if he was good enough.