Manager Harry Redknapp admits he will have to sit down with Southampton chairman Rupert Lowe to discuss his future after they suffered relegation.
The Saints' 27-year stay in the top flight ended when they were beaten 2-1 at home to Manchester United.
"I'll see what the chairman wants to do and where he wants to take the club," said Redknapp, who arrived in December.
"There's a lot of surgery that needs to be done but with the right work they've a great chance of coming back up."
Redknapp admitted the Saints were always up against it on the final day as they needed to beat Man Utd to stay in the division.
"There were chances at both ends and I felt we were right in the game but it's not easy having to beat them to avoid the drop," Redknapp added.
"We needed three points and we fell short, but we got relegated because we weren't good enough over 38 games, not just today.
"It's hard to put into words how I feel but you have to get on with it. This club deserves Premiership football.
"The fans were magnificent. It's a really good club this and I know for sure that they will be back.
The former Pompey boss said he has no doubts he made the right decision to take the job at St Mary's.
"I've no regrets at all coming here, not a chance," said Redknapp.
"I took on a challenge when I came here and I stand by my decision to do so, plenty of people have never taken a decision like that.
"But I walked into a relegation battle from day one and took it on and by the end just couldn't pull it off."