The German club came close to landing the 22-year-old on deadline day last summer, but the deal collapsed in the final hours of negotiations. Despite that setback, Frankfurt have continued to monitor his situation closely and are prepared to make a renewed approach in January.
According to sources, a loan deal is currently the most likely scenario as Eintracht look to bolster their attacking depth for the second half of the season.
Osula, who has struggled for regular minutes at Newcastle, is reportedly open to a temporary move abroad to gain more playing time.
The Denmark-born forward remains a long-term target for Frankfurt, and a successful January move could also include a purchase option depending on his impact in the Bundesliga.