O'Neill and chief scout Ian Storey-Moore watched the Welsh international on several occasions last season and with the Baggies failing to secure promotion in the playoffs, Koumas is thought to be seeking an exit.
Osbourne is highly regarded by O'Neill but is a player for the future and the expected arrival of Nigel Reo-Coker from West Ham would see him slip back down the pecking order having momentarily risen following Gavin McCann's departure. O'Neill is hoping to conclude the Reo-Coker deal before Villa report back for pre-season training on July 4 if they can reach a compromise with West Ham over the fee - which is £5m at the moment.