The Wallabies utility back, who featured at fly-half against the British & Irish Lions, has been released by Melbourne Rebels.
There were reports that Saracens were interested in the play-maker but the Aviva Premiership club have denied to comment on the speculation.
"Saracens are regularly linked with leading rugby players around the world and our club policy is to neither confirm nor deny rumours, and to make announcements only when contracts are signed," said chief executive Edward.
Despite the non-committal comment it is understood sources within the club have denied any moves for the Wallaby.
That leaves the Force, who O'Connor left under a cloud two-years ago, as front-runners to secure his signature.
Both coach Michael Foley and chief executive Mark Sinderberry have held talks with O'Connor but both parties remain tight-lipped.