The answer to this problem hinges on the concept of odd and even numbers. To get an odd product, all three chosen digits must be odd since even times odd or even times even always produces an even number.

Option 1 - 2/3: This doesn`t take into consideration the specifics of odd and even product generation.

Option 2 - 5/108: This could incorrectly be derived by counting the ways to select 3 odd numbers out of 5 (120 ways), then dividing by total ways to select any 3 digits from 9 (total 504), giving 120/504 which could be simplified incorrectly.

Option 3 - 5/42: This is the correct answer. It`s derived by considering the number of ways to select 3 odd numbers (5 odd numbers exist: 1,3,5,7,9) which is 5C3 = 10, and out of total ways to select any 3 numbers from 9 (9C3 =84). So, the probability is 10/84 which simplifies to 5/42.

Option 4 - 7/48: This seems like another arbitrary, incorrect answer.

Therefore, the correct answer is Option 3.