Financial issues have proved to be something of a stumbling block in Wolves' efforts to offload O'Hara, with his salary making loan or permanent deals virtually impossible.
As a result, he has been left kicking his heels on the sidelines, making the occasional appearance for the club's U21 side.
O'Hara was, however, on the bench for Saturday's victory over Bradford City and Jackett admits he would be 'foolish' to overlook a player of such experience when he is available to play.
He told the Birmingham Mail: "We lost Jack Price because he had a migraine and some blurred vision, which is the second time that has happened in two or three weeks. So we were one short from the starting XI that played on Tuesday night against Oldham.
"Then after that I feel overall enough time has passed now for Jamie O'Hara.
"I think the last four months have humbled him and I think he is very happy everybody at the club is willing to give him a second chance.
"It is a situation where it will be interesting to see now how he does coming back into the group, to see whether he can earn a place.
"His performances in the U21s have been very good. So we are going to bring him back into the group, set him the test and the task of being a good team member, earning a place and working as hard as he possibly can for the team. And then see where that takes him.
"I would be foolish not to use anybody on my books positively if we need them.
"Then on an overall situation the last four months, in his own words, have humbled him. And he is very, very appreciative of everybody at the club giving him a second crack."