Rosie O'Donnell is coming back to "The View."

Following announcements made last week that Sherri Shepherd and Jenny McCarthy will be departing the ABC daytime talk show, O'Donnell has announced her return to the series, according to The Wrap.

O'Donnell joined "The View" back in 2006, but left the show the following year.

ABC had said in a statement that it was unable to agree on a contract to bring the outspoken host for a second season.

In her own statement, O'Donnell had said, "my needs for the future just didn't dovetail with what ABC was able to offer me."

Sources told TMZ on Tuesday that Rosie O'Donnell completed her deal with the show and it will be announced officially soon, according to Fox News.

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

ABC declined to confirm that O'Donnell will be returning to "The View," stating that any announcement regarding the show is still weeks away. The network reportedly told The Wrap that the show "will be moving in an exciting new direction next season."

Whoopi Goldberg is the only one of the current hosts set to return next season.

Following news that Rosie O'Donnell will be making her return back to the daytime talk show circuit, rumors have begun circulating that Sarah Palin might be co-hosting along with her.

Palin has reportedly recently made comments about how "The View" might benefit from "a panelist like herself," fueling speculation that she is looking to get a spot on the show.

"Any specific names at this point are rumor and speculation. No decision has been made and we are not ready to make any announcements," an ABC representative told The Wrap.