It would be a welcome home-coming for the singer, who first joined the show back in 2010. She served on the judging panel in seasons 10 and 11 before taking a break to concentrate on her world tour.
"…Now that tour is over, she has more time to raise her family, do movies and pursue television projects," the insider added.
Jennifer's return would delight TV bosses given the departure of three of last season's judges. Mariah Carey, Nicki Minaj and Randy Jackson all confirmed they were leaving the talent show to concentrate on other projects.
Happily the fourth judge, Keith Urban, is coming back. It was announced on Thursday that the Australian country music star has agreed to return to the panel in the upcoming season.
Other stars in the running to join the show include American Idol alums Jennifer Hudson and Adam Lambert, as well as Black Eyed Peas star will.i.am.
Will.i.am has been a coach on the UK version of The Voice for the past two seasons, and there were reports on Thursday that both he and Jennifer had signed deals — but so far there has been no confirmation from Fox.
American Idol will return in January.