O'Toole was signed as a free agent on a short term deal but has impressed both in defence and midfield which has inevitably alerted bigger clubs.
“Negotiations are ongoing but it's going to have to come to a head sooner or later,” said manager Nigel Clough.
“John-Joe has got better offers from elsewhere – and from a higher division. So we are battling against that at the moment.
“We are a bit unlucky that he has done so well. That has attracted other teams because of the way he has played.
“But we are still hopeful we can manage to persuade him to stay.”
He continued: “We are trying everything we can to persuade him to stay, and we are reminding him on an almost daily basis that we were the ones who gave him an opportunity when he couldn't get a club back in the Football League.
“It depends on the difference between the offers and the leagues and so on.
“But the one thing he has done here is he has enjoyed it and we hope that will be a big tick in our favour when he makes his decision.”