The 26-year-old joined Napoli from Stade Reims in the summer of 2023, but made just 26 Serie A appearances across two seasons before being sent out on loan to Ipswich Town in successive campaigns.
His first season at Portman Road ended in relegation from the Premier League. His second saw Ipswich finish as runners-up in the Championship, securing an immediate return to the top flight.
That promotion had been expected to trigger an obligation for Ipswich to sign Cajuste permanently for a fee of around €7.5 million.
According to transfer journalist Fabrizio Romano, however, the obligation also required Cajuste to feature in at least 50 per cent of Ipswich's Championship matches, a threshold he did not reach.
With that condition unmet, Ipswich are reported to be leaning towards letting the option lapse rather than completing a permanent deal.
Napoli had paid €11.5 million for Cajuste back in 2023, and a straight return without a fee would represent a significant loss on that initial outlay.
Reports from Italian outlet La Repubblica suggest Napoli will now look to find a new club for Cajuste during the summer window, rather than keeping him in Naples.
The Sweden international is unlikely to feature regularly for Napoli even if he does return, with manager Antonio Conte having shown little inclination to use him during his time at the club.
Cajuste's contract with Napoli runs until the summer of 2028, giving the Italian club some leverage in finding a buyer or another loan destination.
He has earned 25 caps for Sweden, a tally that underlines the gap between his international standing and his lack of opportunities at club level in Serie A.
Speaking last year about his preference to stay in English football, Cajuste described the Championship as one of the toughest leagues in the world and said he had always wanted to return to Ipswich.
That affection for Suffolk football culture may now count for little, with Ipswich's priorities shifting towards strengthening for life back in the Premier League rather than retaining a player who fell short of the appearance threshold.
Whether Cajuste ends up staying in Naples, returning to England with a different club, or moving elsewhere in Europe, his immediate future now hinges on decisions being made away from the pitch rather than anything he can influence with his performances.