The striker's current contract expires at the end of the season and the former Fir Park forward has attracted interest from clubs in Holland and South Africa.
Archibald, who has sent midfielder Hugh Murray on loan to Dumbarton until January, said: "We spoke to Steven at the end of the last season.
"There are a couple of boys who haven't signed.
"It is his prerogative. It's up to him. There is a deal on the table for him and we are open to speaking to him.
"We are a bit far away from what he is looking for possibly at the moment but he is one we want to get tied up. He has started the season on fire and he is a right handful."