Earlier this week 39-year-old Penelope was spotted shopping in the English capital amid rumours that she is looking for a home in the city.
The Spanish couple, who married in 2010, are said to be looking for a quieter life and feel that in London they would be more able to go unnoticed than in Madrid.
The duo are said to have enjoyed living in London while 44-year-old Javier was filming for the latest James Bond film, Skyfall.
Javier and Penelope, who have two children, lived in a luxury apartment in Chelsea while Javier starred alongside British actors including Daniel Craig and Ralph Fiennes in the 007 thriller.
If Javier and Penelope do decide to make the move they will soon have to find a school for their three-year-old son Leonardo.
After Leonardo's birth in 2011 the couple swapped LA life to move back to their native Spain.
"This is not the place where I want to raise my children," said Penelope of her Hollywood home.
"When you have children, your attention is focused on the most important things," she added. "Now that I have children that keep me very busy, my priority is my family. Every day I appreciate the people that I have in my life more."
Penelope's thoughts on raising children in LA echo those of her fellow A-list actress, Gwyneth Paltrow.
"I don't want them [my children] to be teenagers in LA. No way," Gwyneth told Red magazine. "I'm looking at this like two years, three years tops, then we will go back [to the UK]."