Chavez almost joined Tottenham in August and has recently been linked with a move to Blackburn.
The defender is currently training with Celtic and could joined the club on loan from his current club Platense in January.
“Osman is a very, very good player who has shown with Honduras he is capable of playing in Europe,” Barry McIntosh, who has taken the player to Celtic, told skysports.com.
“Celtic already like what they have seen and we would think they will be keen on doing a deal.
“We are very hopeful of getting something done with Osman for January.”