The 28-year-old has played in all four tiers of English football and was the League of Ireland's most expensive player following his move to Sunderland
The 28-year-old is still attached to English club Northampton Town, having signed for them on a free transfer in January of last year. He is understood to have 18-months left on his current contract with the League Two side and will be in Brunei over the weekend to discuss terms.
O'Donovan is a former League of Ireland Premier Division winner with Cork City. In 2007, he moved on to Sunderland, then under the charge of fellow countryman Roy Keane, signing for a League of Ireland record transfer fee, after early interest from Fulham.
The forward has featured in the Scottish Premier League as well as in the top four tiers of professional football in England.
Aidy Boothroyd, who had signed O'Donovan for Northampton, and at his previous club Coventry City, was sacked on December 21 after a two-year stay and, with the club at the bottom of League Two.
DPPM, meanwhile, have already filled four of the five slots available for foreign players. Boris Raspudic, Roberto Alviz and Joe Gamble join Rodrigo Tosi who has been retained from last season's squad.
Former England and Arsenal forward, Francis Jeffers, who had been linked to the vacant spot and was on trial with the Steve Kean-led club, has not signed despite strong interest. DPMM had delayed their decision owing to the player's injury, picked up while on trial in Brunei.
Turkish internaitonal Sinan Kaloglu and former Wigan Athletic forward Caleb Folan have also been linked with The Wasps in recent weeks.
The new season of the S.League is expected to start in the third week of February with clubs resuming training next week.