Popov spent last season on loan at The Hawthorns and has previously expressed a desire to remain with the club on a permanent basis.
He looks set to stay for at least another 12 months after Dynamo president Igor Surkis confirmed discussions about a new loan.
However, Surkis has also stressed that Popov would have no problem coming back to Ukraine and seeing out his career in Kiev.
"We are now at the stage of negotiations with the club that wants the one-year loan," said Surkis.
"We put forward certain conditions, and if accepted, we will be ready to give Popov another season."
"I met Goran. He made it clear that if the option with West Brom doesn't happen, he is happy to return to Dynamo.
"He said he would like to finish his career here."