Oxford spent the first half of the season with Monchengladbach making three appearances in the league, including two starts in the past two games, and playing once in the German Cup.
The young defender had been linked with a move away from West Ham with German side RB Leipzig reportedly favourites for Oxford’s signature, according to the BBC.
But manager David Moyes confirmed his suggested the 19-year-old may figure in his plans for West Ham.
“Reece Oxford will come back. We will take a look at him and see how he is,” Moyes said, reports West Ham’s club website.
“I hope we can help improve him – I’ve only just met him, but I know he is well thought of here and we will work with him.”
Oxford has made 14 senior appearances for the Hammers after making his debut at just 16 in a Europa League qualifier against Andorran side Lusitans in 2015 – making him the youngest-ever player to play for West Ham.
How did Reece Oxford fare in Germany?
After missing the start of last season through an injury, Oxford spent the second half of the campaign on loan at Reading where he played five times.
Ever present in the Bundesliga match-day 18 for Monchengladbach this season, the German side were also reportedly interested in signing Oxford on a permanent deal before the Englishman returned to West Ham.
In his three games for Monchengladbach in the Bundesliga, Oxford made 19 defensive actions, also winning 69% of his aerial duels.