The Partick Thistle boss has added two players to his squad so far ahead of the new Premiership campaign, with Ryan Stevenson and Abdul Osman both signing on with the Jags.
The capture of former Gretna star Osman last week filled another midfield berth for Archibald, who remains on the lookout for defensive and attacking reinforcements.
But he hasn't ruled out another deal for Osbourne, who is still recovering from a knee injury he picked up playing for Thistle last season.
Archibald said: "I don't think he is match fit yet. I spoke to him when we were leaving for Spain and he was starting contact stuff with the young lads at Coventry, where he is doing his rehab.
"That was only a few weeks ago and he has been out for a long time. I haven't spoken to him since then but I will have a chat with him again shortly and see where he is at.
"If he gets back to the player that he was then I would certainly offer him something if he wants to come up.
"The fact that he was down there doing his rehab, I think he enjoyed the time with his family and if he could get a club down there then he would do."
With defensive additions top of his shopping list, Archibald will cast his eye over another left-back contract hopeful when the Jags face Rangers in a bounce game this afternoon.
There is currently no deal on the table for defender Darren Barr while former Scotland star James McFadden has been training at Thistle's Garscube base in a bid to keep fit.
It has been a mixed summer on the transfer front at Firhill as two quality additions have been made but several deals have failed to be concluded.
And Archibald insists there is no need to push the panic button as he continues working to bolster his ranks once again.
He said: "We had three or four targets for each position, we didn't get them but we will keep on looking.
"We are not short. We have got Jordan McMillan, Stephen O'Donnell, Aaron Muirhead and Conrad Balatoni.
"We won't start the season just with them, we will get players in. We have got good players just now. We are in a far better position than we were last year.
"As a manager, you would rather have players in early and I said that, but it is not easy for any club and the further down the budget chain you go the harder it gets.
"If you want a bit of quality, sometimes you have to wait, like we did with Kallum Higginbotham last year."
With just over a fortnight until the big kick-off, excitement is building at Firhill as Thistle prepare for their second top-flight campaign.
A trip to Fleetwood this weekend is next on the Jags' agenda before they host Sunderland ahead of their opening league fixture on August 13.
Archibald said: "The next two weeks will all be geared towards the Ross County game.
"We have got a couple of games in between. The fitness work is all done, we have done four weeks of that and they are all fitter than they were so now it is technical stuff."