The 34-year-old Northern Ireland captain left Ibrox to sign for the Saints during the summer of 2012.

Davis' first-team chances have been limited this season and Hasenhuttl says Saints will back his desire to return to Scotland "if there's a possibility".

"There we find a good solution where we have a win-win situation for both sides," he said.

"He has done a lot for this club. The fact is he has half-a-year contract here until the summer, so what we want to give him is a chance to make the next step."

Asked if the deal was close to completion in the next few days, the Saints boss added: "It can be. I am looking forward and, if it is, then we will tell you."

While Davis is keen to return, talks have been taking place to determine whether it will be a loan or permanent deal.

Davis made 152 appearances for Rangers between 2008 and 2012, scoring 18 goals before leaving for the English Premier League.

However, he has made only six appearances this term despite being club captain, while he has also played five times for Northern Ireland.