The St. Louis Cardinals were reported to have signed him back in January, but since then the MLB rumor mill has cooled on Roy Oswalt sightings. Now, though, with his estimated return date of June in sight, teams and pitcher will be connected once more willy-nilly—at least until he and his reputation decide to give us an idea of his next move.
It still seems certain that Roy Oswalt will be able to help some contending team in the rotation. Even in 2011, with a career-low strikeout rate, his strikeout-to-walk ratio hovered just below three for the Philadelphia Phillies—and the year before he'd set a full-season high strikeout rate, of just over eight, so it seems unlikely that we've seen the last of a more dangerous Oswalt anyway.
All that has to sound good to contending teams dealing with injuries and ineffectiveness—including the Cardinals, who've had to deal with both Chris Carpenter's protracted absence and Adam Wainwright's protracted ineffectiveness since they couldn't come to an agreement with Roy Oswalt the first time.