The Norwegian international spent the first half of the season on loan at Aston Villa but was forced to return to Elland Road in January for financial reasons.
But O'Leary, who has been told he has to sell to spend this summer by chairman Doug Ellis, will consider signing Bakke permanently.
The Villa boss said: "I ended up losing a valuable player in Eirik Bakke who gave us experience and competition in the centre of midfield.
"Will I reactivate the deal if I get funds? I think a lot of Eirik and that could definitely be a possibility without a doubt.
"After he went back to Leeds, we had no back-up and I can't wait for young Steven Davis to finish the season because I think he needs a break.
"I've had to churn him for game after game out because I've had nobody else to put in there."