The central defender, who plies his trade in the Belgian top-flight with Anderlecht, could be set for a January switch to the Stadium of Light with O'Neill keen to strengthen his defence.
In 2011, Juhasz was linked with a move to Glasgow Rangers, but Anderlecht failed to agree on a fee with the Scottish giants.
Juhasz stayed in Brussels and won the Championship but since John van den Brom's appointment as head coach, there is seemingly no place in the squad for the Hungarian defender.
This season, Juhasz has only played three league games for Anderlecht, and the board have reluctantly agreed to let the 29-year-old stopper leave.
Ukrainain side Dnipro have been credited with an interest, but Sunderland lead the way in the race for his signature.
Speaking to Nemzeti Sport, Juhasz said: "I'd like to play in Western Europe, of course Sunderland and the Premier League attracts me very much.
"But I wouldn't say no to Dnipro."
O'Neill is hoping he can fend off interest and wrap up the deal as soon as possible, meaning Juhasz could potentially make his Sunderland bow against West Ham this weekend.
Juhasz joined Anderlecht in January 2006 and went on to play over 200 competitive games for the club, scoring 20 goals.
Before moving to Belgium, Juhasz played in his home country for MTK Budapest, whilst he is also the vice-captain of Hungary. In 58 games, the defensive powerhouse has scored five times for his country.