The program would air weeknights at 9 PM ET opposite CNN's "Larry King Live." The talk show, according to the trade paper, would "likely focus on current events and would premiere just in time for O'Donnell to sound off on the upcoming presidential election."

The deal is in the preliminary stages, and both MSNBC and O'Donnell's spokesperson have declined to comment on the possibility.

Rosie O'Donnell was most recently on Broadway in the revival of Fiddler on the Roof. The actress made her Broadway debut as Rizzo in the 1994 revival of Grease!, and she played a limited engagement as the Cat in the Hat in the Ahrens-Flaherty musical Seussical. The performer also spent some time on the other side of the footlights as producer of the Broadway version of Boy George's Taboo.

O'Donnell rose to fame as a stand-up comic before landing roles in such films as "A League of Their Own," "Sleepless in Seattle," "The Flintsones" and "Exit to Eden." Her Emmy-winning talk show, "The Rosie O'Donnell Show," ran from 1996 to 2001, and her more recent TV credits include appearances on "Will & Grace" and "Queer as Folk" as well as the made-for-television movie "Riding the Bus with My Sister."

The actress also spent a year as a co-host of "The View." O'Donnell is married to Kelli Carpenter O'Donnell; the couple have four children. O'Donnell's autobiography is titled "Find Me"; her newest book is "Celebrity Detox."