The duo could meet in the World Grand Prix, which starts next month, potentially setting up their first clash in more than two years.
Selby claimed the English Open title over the weekend, beating Belgium's Luca Brecel, resulting in a jump in the rankings.
It's a fantastic rise to form after the 39-year-old revealed mental health struggles earlier this year.
"This has to probably go down as the biggest achievement for me," Selby is quoted as saying, by Eurosport, after winning the English Open.
"From where I was back in January, I've been suffering for a few years, silently. Only (my wife) Vikki and the family knew about it.
"It's been tough. From January, trying to get myself back on my feet. It's not been easy. It's probably been the biggest challenge of my life."
O'Sullivan, seeded 21st, claimed the World Grand Prix trophy last season, but is now in line to face-off against Selby, fifth, in the new year's first ranking event.
The pair will meet if they progress to the second round, both favoured to do so.
