Aston Villa are confident USA goalkeeper Brad Guzan will soon be handed a work permit, and formally become their second summer signing.
O'Neill is eager to add to the Chivas USA keeper to a squad which has already been bolstered by the arrival of midfielder Steve Sidwell, but which is likely to be deprived of skipper Gareth Barry before the start of the season.
Villa failed in the last transfer window with an attempt to sign the 23-year-old but O'Neill is heartened by the player's recent international outings and believes they could tip the balance in favour of the move.
O'Neill told the club's website: 'As everyone knows we chased him last January and were hopeful at the tribunal for the work permit and it was narrowly defeated.
'Since then he has played quite a number of games for the USA - not only in friendly matches but also in competitive games by playing a couple of matches in the World Cup (qualifiers).
'His position would have improved immensely, so we are very hopeful.'
O'Neill also hopes to make further signings before the season gets under way - the number and quality of which will no doubt hinge on any funds resulting from the proposed Barry deal to Liverpool, which could net the club as much as £18million.
'We have started the ball rolling with Sidwell and hopefully, with a bit of luck, the goalkeeper will come in,' said O'Neill.
'We have a number of players that we would look to bring to the football club and that is what we are progressing with.'