The West Ham defender returned to Germany during the January transfer window for a second loan period after a brief spell with David Moyes’ first-team.
Oxford made only three appearances for the Hammers during the month he spent back in the Premier League but made little secret of his desire to return to Monchengladbach, with his Twitter bio carrying the German club’s name throughout his time in east London.
Gladbach hope that the end of this season will not bring Oxford’s permanent return to West Ham, though they could face competition from RB Leipzig if they hope to secure a transfer.
“Reece is very happy here and we’re very happy that he’s got another half-season with us,” Eberl told Bundesliga.com.
“There is a third party, though, West Ham, who have a contract with Reece. Of course, we accept that. Hope springs eternal.”
Oxford had made only three Bundesliga appearances and on in the cup for Gladbach and was left on the bench for his first game after returning, at home to RB Leipzig.
“It was very important for us that Reece could come back to Monchengladbach,” Eberl added. “We’re particularly pleased that a player who didn’t play every game – in fact, he only played four – was still really keen to return.
“He saw what we had promised him in the summer was beginning to happen.”