The 52 year-old comedienne last featured as a co-host on the daytime talk show from 2006 until 2007.
'The View' shaking up its co-host's doesn't necessarily mean only new faces are expected to be hired.
The daytime talk show recently announced the surprising departure of two current mediators.
Sherri Shepard and Jenny McCarthy, won't be returning to their positions on the show, thus leaving vacant spots for a two new individuals.
The 52 year-old comedian, who featured on the show from 2006 until 2007, reportedly came to an agreement for a return on Tuesday (July 8th), after being involved in "active negotiations" for the last few days.
The television network is expected to make the announcement very soon.
If the speculation is correct then O'Donnell will join the only co-host remaining on the show, Whoopi Goldberg, as well as any new panellists that will become part of the forthcoming season.
Although 'The View' has stated that it will be "moving in an exciting new direction next season," an ABC spokesman has denied that an announcement of O'Donnell's return will be happening.
"'The View' will be moving in an exciting new direction next season and ABC has made decisions to evolve the show creatively but at this time, we have no announcement to make," a rep told NY Daily News. "We are weeks away from making any type of announcement about anything pertaining to the show."
If the TV personality reprises her co-hosting role - one thing fans can expect is lots of fireworks, which is what occurred when she made a special appearance on the show this past February.
O'Donnell quickly engaged in a rather awkward confrontation with fellow host, Barbara Walters, who has since retired. The pair were disputing the backlash they receive from the public when saying something people didn't want to hear.
Hopefully this time round, the viewers will want to hear everything she has to say.
O'Donnell could be set for a return to the daytime talk show