Everton have been strongly linked with a move for Depay, and with odds of 1/2 a transfer to Goodison Park continues to look the most likely outcome.
Manchester United's Memphis Depay
Southampton's high placing is certainly intriguing, however, given they have not yet been mentioned as a leading contender in the race for the Dutchman's services.
Former Southampton boss Ronald Koeman previously admitted an interest in signing Depay ahead of the 22-year-old's move to Old Trafford in 2015.
And were the Saints to muscle in on Koeman's pursuit, it could be viewed as payback for the 53-year-old's decision to quit St. Mary's for Everton in the summer.
Everton manager Ronald Koeman
Depay, whose Manchester United teammate and former Southampton midfielder Morgan Schneiderlin is also expected to join Everton next month, was the top scorer in Holland two seasons ago but has found the net just seven times in 56 Red Devils appearances.