The Aston Villa goalkeeper is currently enjoying a loan spell in the Championship with Middlesbrough and the Boys in Green boss is leaving the door open for an international return
The 37-year-old Aston Villa goalkeeper, who is currently on loan at Championship side Middlesbrough, won 125 caps for the Republic of Ireland before announcing his retirement from international football after Euro 2012.
Speaking at an end-of-year press conference, the former Celtic and Aston Villa boss confirmed his desire to have a conversation with the Donegal native.
"I would not discount that at all," O'Neill told reporters when asked about a potential return for Given.
"I haven't spoken to Shay but I would like to at some stage, if he says 'I'm back'.
"But I am having a conversation here about somebody I haven't actually spoken to. I know Shay and I've spoken to him a number of times but that was before I took the job on.
"I may be a million miles out of my ground because he may have no intention of coming back, but I certainly wouldn't discount it if I'd had that conversation and he was thinking about coming back."
Meanwhile, O'Neill believes that Aiden McGeady is "good enough for the Premier League" as speculation mounts over the player's future.
McGeady, who played under O'Neill at Celtic, has recently had a disagreement with Spartak Moscow manager Valeri Karpin and has been relegated to the reserves at the club.
With his contract due to expire, a number of English clubs, including Everton, have been linked with the winger.
"I know Aiden, he's a great lad with great ability. He's a cantankerous git. He'll be fine," said O'Neill.
"If he's in the reserves for six months, he'll blow a gasket out there, he'll go mad.
"Honestly, he'll not stick that long. Would I expect him to move? I'd have thought so. I've tried to get that boy umpteen times.
"If there is six months left, I can't imagine them [Spartak Moscow] getting phenomenal amounts. He's good enough for the Premier League, absolutely."