Hoedt cost the Saints a sum of €17m when they signed him from Lazio in 2017.
But he fell out of favour at the club and was subsequently loaned to Celta Vigo for the second half of the 2018-19 season.
With no improved prospect of game time, he then spent the entirety of last season with Royal Antwerp.
A return to Belgium could be on the cards with Vincent Kompany’s Anderlecht, but a deal is still a way off.
VI reports that there is a sizeable gap between what Anderlecht want to pay for the loan and Southampton’s demands.
After seeing Hoedt impress at Antwerp last year, Anderlecht will continue to negotiate for the six-time Dutch international.
Earlier this summer, Hoedt’s first club AZ Alkmaar inquired about signing him.