With the Premier League club thought to be willing to pay off the 33-year-old's final year of his contract, the Welshman could move back to his hometown club after the Olympicshere.
Cardiff City are closing in on the permanent signing of former loanee Craig Bellamy from Liverpool , according to The Times.
The 33-year-old has just one year left to run on his current Anfield contract, with the Premier League club reportedly prepared to pay off the £80,000-a-week salary in a bid to offload the forward.
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Malky McKay's side - who are under Malayasian ownership - are desperate to win promotion to the Premier League for the first time and believe Bellamy can help fire them into the top flight.
The Welshman spent the 2010-11 campaign on loan at the Welsh club and was a major factor in the side reaching the play-off semi-finals after netting 11 goals during the campaign.
Any deal between the clubs will have to be put on hold with Bellamy currently part of the Great Britain Olympic football squad bidding for gold at the London 2012 Games.