ABC declined to comment on the report, saying that "we have no announcement to make and we are weeks away from making any type of announcement about anything pertaining to the show."
O'Donnell previously co-hosted The View from September 2006 until May 2007 and left after an on-air feud with former co-host Elisabeth Hasselbeck. Both returned, along with the nine other current and former co-hosts, to salute Barbara Walters, who retired in May.
Whoopi Goldberg is the only co-host from this season who's returning to the talk show next season. In addition to Walters' retirement, Sherri Shepherd and Jenny McCarthy also recently announced their departures from The View.
According to TMZ, the show is looking to add a Latina and a conservative co-host. Sarah Palin has thrown her name in the hat as a potential co-host and Mario Cantone has reportedly been offered a position on the panel, which would make him the show's first male co-host.
Do you want O'Donnell back on the show?
Watch This Tonight — See why Celebrity Wife Swap is our editors' pick: