Perth-born O’Neill - who is off contract with Thai Super League powerhouse Buriram - spent three years on Glory’s books between 2012 and 2015.
And with Neil Kilkenny cut loose by the club, the former Sydney FC mainstay, 27, would perfectly fill the void.
Fringe Socceroo O’Neill made 13 appearances for K League 1 Pohang Steelers before his December switch to Buriram United FC, for whom he made 10 appearances.
Whilst O’Neill looks set for a homecoming, Geria - who joined Glory in March after leaving Japanese J2 JEF United - is being courted by both Victory and Western United, where his one-time mentor Kevin Muscat might soon be in situ.
Geria, 28, has made 13 appearances for Glory, where his contract is up.
He has deep ties at Victory, where he spent six seasons, winning A-League titles in 2012 and 2015.
Glory are also keen to tie the one-cap Socceroo down with a contract extension.
However, Tony Popovic is the favourite to win that particular race and repatriate Geria to the club he previously clocked up 107 outings for.
Another Glory man on the move is right-back Dane Ingham, who will become one of Arthur Papas’ first signings when he’s unveiled by Newcastle Jets.
Off-contract midfielder Cameron Devlin, a regular starter for Wellington Phoenix this season, looks set to join Ingham on the Hunter after previously being linked with Victory.