Hearts sold the teenager to Bologna last Setpember after a meteoric rise for the wing-back through the Tynecastle ranks and into the first team under Craig Levein.
Around £450,000 of the £1.5m fee went to Hickey’s former club at Parkhead, where he came through the youth set-up before switching to Hearts for more game-time.
Now he could be set for a return with Ange Postecoglou said to be keen on the 19-year-old who has also been linked with Napoli in recent days.
Bologna could recoup Sinisa Mihajlovic’s transfer expenditure and a £2m profit according to local press il Resto del Carlino and The Scottish Sun.
Hickey was considered an outside chance for Steve Clarke’s Euro 2020 squad after a strong start to his Italian career, playing 12 times, but a shoulder injury cut his season short.