The striker, 20, returned to training this week after almost five months on the sidelines with a hamstring injury.
Osmand is one of several Celtic players on the road to recovery, with Alistair Johnston stepping up his rehab recently.
“I would hope so, yeah,” O’Neill said when asked if Osmand will feature before the end of the season. “He’s doing really well. He’ll do the same sort of work as [Alistair] Johnston next week, which is encouraging.
“Sometimes I’m loath to say someone is doing really well and then they get re-injured – like Julian [Araujo].
“He got re-injured at Bournemouth. He’s their player, and they can rehab as they see fit, but it’s a disappointment for us.”
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O’Neill does not expect Araujo to play for Celtic again. But midfielder Arne Engels could feature against St Mirren this weekend.
The Belgian has been out since the middle of February after pulling up against Livingston.
“[Arne] Engels has trained,” said O’Neill. “I’m hoping that he’ll come through that. He’s trained all this week.
“He’s had no reaction at this minute, so I’m hoping he’ll come into the squad [vs St Mirren] – whether he’ll start or not I don’t know.”