The former Live! host exited the programme in November 2011 after 29 years on the air. However, sources have claimed that the 80-year-old is ready to be back on the small screen.
"TV is in his blood," an insider told the Huffington Post. "This is where he feels most alive and happy - being in front of a camera.
"But the TV landscape has changed so much from the last time Regis was looking for a job. Now they want Kardashians and Housewives."
Philbin is reportedly in talks to reunite with Kathie Lee Gifford on NBC's Today if her co-host Hoda Kotb leaves the show to replace Ann Curry as co-anchor.
"He would love to be back with Kathie Lee, but Hoda is so brilliant at that job that she is not going anywhere," a friend of Philbin is quoted as saying. "You would think at 80 years old, Regis would want to retire, but he loves working and is desperate to return to TV."
Philbin previously claimed that he has been too busy to miss co-hosting Live!.