In this work we revisit the problem of the quantization of the two-dimensional O(3) non-linear sigma model and its one-parameter integrable deformation -the sausage model. Our consideration is based on the so-called ODE/IQFT correspondence, a variant of the Quantum Inverse Scattering Method. The approach allowed us to explore the integrable structures underlying the quantum O(3)/sausage model. Among the obtained results is a system of non-linear integral equations for the computation of the vacuum eigenvalues of the quantum transfer-matrices.