Naturally, no fee has been announced by the club as to what it would take to sign him, but getting back the £800,000 paid to Bryne for a player who now has Premiership experience would hardly be unreasonable.
Raggy says of his current situation, after visiting Austria Vienna for discussions:
"I am just sitting around waiting to see what will happen; it didn't look too good today; I notice it was said on text TV that nothing was going to happen with Vienna - but I am keeping my fingers crossed that it is, and we will just have to wait and see.
"It is a bit mixed and I am trying to keep cool to see what will happen."
He does not feel he should be undervalued by the Austrian club in terms of a transfer fee, and adds:
"I hope I am not, but I don't know what the agreement was before; there was some contact with Vienna a couple of months ago, but then I turned it down because I wanted to see what was happening in England.
"But since nothing happened, I decided to give it a shot and I really like the place - so I was hoping something could work out for me, but until now it hasn't, and that it is a shame."
Raggy also rejects the notion that he will start the season with the Hammers, and adds:
"I will be annoyed if something doesn't come up, because I know I haven't got a future at West Ham and that is why I want to move on; and if they can't agree anything that will be difficult for me.
"We will just have to see, and if I have to go back for preseason I have to, but I am hoping to get a fresh start at another place in another club."
Raggy, currently in Norway, says he is virtually isolated from the hype of the World Cup and explains:
"To be quite honest, I haven't watched it too much because Norwegian TV doesn't show it, but I am still hoping England can do well; I have a good feeling about Argentina going on and winning the whole World Cup, though.
"We have it on cable but at that time of day I am kind of busy with my dog and my daughter so there is not too much time to sit down and watch."
As for his outfield West Ham team mates Joe Cole and Trevor Sinclair competing, he says:
"Hopefully they will have their chance, it is the greatest tournament, but maybe they will not get it until the second round."
He is confident of that happening, and adds:
"I can't see who is going to stop England getting there; it will probably be Argentina, and then England will go in through the back door."
Meanwhile, reports that Glenn Roeder is spying on Croatia's Hadjuk Split goalkeeper Stipe Pletikosa at the World Cup are wide of the mark.
Howewer, since the release of Craig Forrest and Shaka Hislop this summer, be prepared to hear a lot more speculation about 'custodial' targets in the coming weeks.