The 33-year-old is currently a free agent after his short-term contract at White Hart Lane expired.
O’Neill is keen to bolster his attacking options after Nicklas Bendtner returned to his parent club Arsenal following a season-long loan on Wearside.
Saha has confirmed he has not ruled out the possibility of a move to the Stadium of Light, with West Ham also said to be interested in his signature.
"I would consider going to Sunderland," Saha told reporters.
"Anything can happen in the transfer market, though, it's always a tense time. It's all about making the right choices and the nice thing is to have options."
Saha made an instant impact upon his arrival at White Hart Lane in January, scoring three goals in his first two starts for the club.
However, his time at the club ended in controversy as he was criticised by Spurs fans for congratulating Chelsea on Twitter for defeating Bayern Munich in the Champions League final, a result which saw Chelsea secure Champions League football at Tottenham’s expense.