Is anyone actually surprised?!
According to The Mirror, the Irish music manager, 63, held "protracted informal talks" with X Factor boss Simon last week about possibly signing an £800,000 deal to return to the show.
Nothing has been signed or confirmed yet.
A source said: "Simon and Louis work really well togetehr. They've had a couple of phone conversations and it's looking as if a deal will be done."
Simon is on the hunt for a new judge after Nick Grimshaw quit following just one series on the panel. There's no word yet on Rita Ora or Cheryl Fernandez-Versini's positions on the show, so it's presumed they are returning.
Not returning, however, are hosts Caroline Flack and Olly Murs, who have both quit after just one year co-presenting the main show. They were the first double act to host the X Factor following the departure of long-time host Dermot O'Leary.
In a twist, it's been reported that Dermot's also had talks about coming back to the show, although that hasn't been confirmed.
Louis left X Factor last year after being on the panel since the very first show. He was replaced by Radio 1 Breakfast Show host Nick, who, ironically, he could now replace… What a revolving door!