Derdiyok made the move to Hoffenheim from Bayer Leverukusen last summer, but netted just once in 19 appearances for the Bundesliga strugglers last season.
The Swiss international believes that an offer from Hamburg may materialise if they can offload fringe players this month, but rejected rumours that Serie A side Torino are favourites to secure his signature.
He told Bild: "At this moment in time Hamburger SV needs to sell a few players first, I know they want to get rid of some. But I am considering this.
"Joining Torino is not an option for me. I am not keen on playing in Serie A and Torino is a club that is always in the bottom half of the table."
The 25-year-old has played 44 times for Switzerland, scoring eight goals including a hat-trick against Germany in 2012.