The left-back, 21, and Newcastle youth-team colleague Conor Newton were dispatched north to Paisley to gain top-flight experience and helped Saints land the Scottish Communities League Cup.
Their impressive displays have now convinced Magpies boss Alan Pardew to offer them both one-year contract extensions but they have been told another loan stint could be on the cards next term.
English second-tier sides Bolton, Huddersfield and Doncaster are all said to be interested in the pair and Newcastle want to see the players return south for the next stage of their development. Dummett, however, insists the Buddies are his preferred option.
He said: "Conor and I have both been offered new one-year contracts. I'm not sure what's happening yet and I will have to speak to my dad first.
"But I have loved my time up here. It's improved me as a player. If we sign up with Newcastle again I think the plan will be to go out on loan again. I don't know where though, that's not for me to decide. Newcastle decided to send me here to St Mirren so who knows what will happen next season.
"Newcastle think that England is a better league to play in, so they want me to go to the Championship.
"But my time at St Mirren has made me a better player and more confident because I've been playing week in, week out.
"I've played in front of big crowds at places like Celtic Park and in the cup final, something I'd never have achieved playing for Newcastle's reserves. It has gone well and I've loved it here. I would be happy to come back if I got the chance."