While the Jets want to bring 0'Donavan in, they are resigned to losing off-contract attacking midfielder Andrew Hoole, who will head to Europe in search of a club in June.
The 23 year old wants to keep the door open at the Jets though should an offer not be forthcoming.
However Griffiths warned there were no guarantees for a player he believes is "one or two years" away from being ready to try his luck overseas.
"We are in position where we are constantly looking for players to fill the void (when he goes) and that may be unfortunate (for him) because we may already have a replacement (should he want to return)," he explained.
"I have a lot of respect for him to go over there and not have anything back here ... it's a big decision.
"He has the balls to do that and is backing himself. But if we recruit a similar player there might not be a position here for him.
"We rate him highly but I don't think he's ready yet to go overseas.
"Five goals (this season) doesn't automatically mean you're good enough to do that. I'd like to see him establish himself first.
"That's just my personal opinion and I really hope he proves me wrong.
Griffiths said his own experiences as player taught him that it takes more than just ability on the pitch to make a successful move to an overseas club.
"I know what it's like over there (from spells in England, Japan, Switzerland and China)," he said.
"You can have all the ability in the world but you have to be mentally tough.
"The A-League is a walk in the park by comparison."