The Italian capital club are believed to be uninterested in taking up their option to buy the midfielder, and a transfer to the Buenos Aires giants could be on the cards
The 26-year-old, who is owned by Real Madrid, was expected to join Roma on a permanent basis after playing an important role under former coach Luis Enrique, making 32 appearances in all competitions.
However, with Zdenek Zeman seemingly poised to take over in the Italian capital, sources in the country suggest that Gago is on his way back to Madrid as he reportedly is not part of the Czech coach's plans.
Gago knows that he will find first-team oportunities very limited at the Santiago Bernabeu, and has opened the door to a return to Boca - where he played at a senior level between 2004 and 2007.
"There are still many assessments to make about my future," he told Fox Sport Radio.
"Right now, I am happy to be part of the Argentina national team.
"But if I had to express my wish out loud I would like to play at Boca alongside Juan Roman Riquelme."
The Argentina international has one year left on his contract with Los Blancos, who paid a combined €20 million fee for the midfielder and River Plate striker Gonzalo Higuain in 2006.