The former Ballymena United midfielder has attracted the attention of the national team coach with his performances in Major League Soccer.
"If he continues to make an impact, I will certainly be keen to see how he is progressing," BBC Sport quotes O'Neill as saying.
"We will see how things look when we come around to naming our next squad.
"Jonny is now making an impact in Major League Soccer and we will continue to monitor his progress."
Steele, who lists Real Salt Lake and Vancouver Whitecaps among his former clubs, has represented Northern Ireland at Under-19 level but is yet to make a senior international appearance.