The article claims the German club are determined to sign the 19-year-old on a permanent deal after the Hammers cut short his loan spell after activating a loan release clause when he failed to play a third of the available games.
Monchengladbach wants the centre-back on a permanent deal and are waiting to find out whether West Ham will accept their opening bid.
Despite reports the teenager wants to return to Germany, club insiders suggest he just wants his chance to impress David Moyes to break through to the Hammers first team and become a Premier League regular. Moyes is said to be open-minded about Oxford and in no hurry to make a quick decision on his future but is eager to watch him train and play.
A senior source previously told Claret and Hugh that Oxford would remain a West Ham player unless the club received an offer that was too good to turn down.