Jovic swapped Eintracht for Madrid in a €60million transfer ahead of the 2019-2020 season, but the Serbia forward has endured a turbulent period under Zinedine Zidane with the LaLiga champion.
The 23 year-old – who managed just two goals in 25 appearances in his first season in the Spanish capital – has only featured in 149 minutes of LaLiga action this season, while he has played in just five matches across all competitions amid ongoing form and fitness issues.
Jovic is set for a reunion with Bundesliga club Eintracht, for whhich he scored 27 goals in 2018-2019 before leaving for the Santiago Bernabeu.
"Luka Jovic is on the verge of a loan to us until the summer," Bobic said prior to the 4-1 DFB-Pokal loss to 10-man Bayer Leverkusen. "We still need to sort out a few things – the medical for example.
"If everything comes together, he'll soon be back with us."
Jovic played a key role in Eintracht's remarkable 2018-2019 campaign as the German club reached the Europa League semi-finals, after initially being shipped to Deutsche Bank Park in 2017 on a two-year loan deal from Portuguese powerhouse Benfica.
After scoring nine goals in his first season with Eintracht as the team celebrated DFB-Pokal glory, Bobic eventually triggered a purchase option reportedly worth €6m in 2019 to sign Jovic before making a significant profit on that investment.
On the possibility of Jovic returning to Eintracht on a permanent basis, Bobic added: "We will see next summer. We can still think about everything what will happen in the summer."