The 24-year-old impressed during a loan spell in League One last season when he scored nine goals in 15 appearances for Hartlepool United.
He will be leaving parent club Sunderland over the summer and Hartlepool have already expressed an interest in signing O'Donovan on a permanent basis.
Carlisle United have also been linked with a move for the forward, while speculation has claimed that Huddersfield want to sign O'Donovan.
However, the Terriers' chief executive Nigel Clibbens has rejected the rumours and says manager Lee Clark has not tried to add the player to his squad.
"That's not the case," Clibbens told the Huddersfield Examiner. "We have had no contact either with the player or his club."
Veteran midfielder Lee Carsley has also been linked with a move to the Galpharm Stadium following his departure from Birmingham City.