The 22-year-old stopper was a rock at the heart of Iain Dowie's defence last season and has attracted the interest of a number of sides.
Promoted Cardiff City had eyed a move for him, but Hall has said he would prefer to remain at Boundary Park rather than move to Wales.
However, the financial situation at the club means that players will be leaving The Latics, and that may force their hand in the sale of Hall.
Everton were also thought to be interested in Hall but Oldham's £500,000 asking price had put them off.
Saints boss Gordon Strachan is believed to be keen on bringing Hall to St Mary's and is hoping to tempt Oldham with a £300,000 bid.
Oldham may decide to take the cash on the table due to their precarious position, while Hall would relish a move to The Premiership.
