The Premier League side are considering whether to cash in on the winger this summer.
While O’Neil is aware of the qualities of Neto, he also admits that financial realities mean that a sale may be on the cards.
"I know how good he is, and I know how well he would do at a big club," He told the E&S podcast.
"Obviously I want our team here to be unbelievably successful. So I’m hoping that he stays.
“I think so (there’s a chance he stays). There’s nothing going on at this moment from anybody. He’s in a good spot, I’ve spoke to him about how we’re going to play and how it suits him and what a big part he’ll play in it.
"But of course, we’re all grown-ups while you’re having them conversations. If a massive bid comes from a top club then no one is going to stand in Pedro’s way.
“I’m confident that he will be here. Because we haven’t had anything really, that makes the club think that he won’t be. But of course, a lot of business can be done late.”