It was speculated last week Rosie O'Donnell would return to chat show "The View" after Sherri Shepherd and Jenny McCarthy announced their departures. TMZ learned the comedienne is is "active negotiation" to rejoin Whoopi Goldberg as the show gears up for new direction.

While the show is actively looking to replace Shepherd and McCarthy, O'Donnell is very much interested if the money is right. Sources told the site negotiations are far along and an announcement might be made as early as tomorrow.

Hollywood Life echoed these claims, as a source exclusively revealed the announcement will be made at the TCAs.

"The worst kept secret ever is Rosie is returning to the show - it's definitely happening!" the source said.

"ABC wants to make the big announcement of her return during the TCAs along with the other new members of the cast."

At first network execs played coy about the move, saying "there is a lot of rumor and speculation about who will be joining the show," but no decisions have been made and the network is "not ready to make any announcements."

"The network executives really wanted Rosie back," an insider revealed to Fox411. "They're confident she has what it takes to add some controversy and drive the ratings up. It is a smart fit."

O'Donnell left the show in 2007 after only one season.

"My needs for the future just didn't dovetail with what ABC was able to offer me," she said in a statement at the time.

"They wanted me three years, I wanted one year and it just didn't work," she said then. "I'm not sad - I loved it here."

We are so excited to hear O'Donnell could be returning! Do you think she is a good fit? Let us know your thoughts in the comments section below!