The 25-year-old has spent the whole of pre-season training away from Nigel Adkins' first team squad.
Puncheon spent loan spells away from St. Mary's last season, first with Millwall and then with Blackpool in the Barclays Premier League.
But his January move to Bloomfield Road was something of a controversy after the player made a last minute u-turn en route to Newcastle - the first club to declare an interest in his services.
Magpies boss Alan Pardew, the man who signed Puncheon for the Saints, is still said to be keen to bring him to St James' Park this summer despite the previous snub, but now faces competition from QPR boss Neil Warnock who is lining up a £500,000 player plus cash offer involving Kaspars Gorkss to bring him to Loftus Road.