O'Neal and Fawcett, who is terminally ill with anal cancer, considered tying the knot during her painful chemotherapy in Europe and even checked into local laws to see if an immediate union was possible, the friend said.
"They thought about getting married in Germany," Fawcett pal Joan Dangerfield told "Extra."
"They had me check into all the laws to see if that was possible. But we just didn't get it together in time," Dangerfield said.
Fawcett's hairstylist told "Extra" she wouldn't be surprised if the "Charlie's Angels" actress and her longtime lover made it official at some point in the future.
"He is the love of her life and she is the love of his life," Mela Murphy said.
Fawcett, 62, is the subject of an NBC documentary that follows her struggle with the terminal illness that's plagued her for years.
O'Neal said last month that Fawcett was close to death -- and that she's had a "terrible time" with her cancer.