ABC executives are in the process of bringing Rosie O’Donnell back to co-host “The View,” a well-placed insider tells FOX411.

Sources told TMZ on Tuesday O'Donnell had completed her deal with the show and it would be announced officially soon. 

It would be the second time around on the show for the controversial comedian, who left in 2007 after just one season.

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

After O’Donnell’s first time in the hot seat, ABC said in a statement that it was unable to agree on a contract to bring her back for a second season. O'Donnell, in her own statement, said "my needs for the future just didn't dovetail with what ABC was able to offer me."

"They wanted me three years, I wanted one year and it just didn't work,” she said then. “I'm not sad – I loved it here."

O’Donnell returned to “The View” as a guest in February. 

“The View” currently has only one host, Whoopi Goldberg, returning for next season. As FOX411 first reported, ABC is not renewing Jenny McCarthy’s contract for a second season. The network also confirmed that Sherri Shepard will not be coming back after seven years on the show. And Barbara Walters, the show’s founder, retired from television last month.

ABC said that “there is a lot of rumor and speculation about who will be joining the show,” but no decisions have been made and the network is “not ready to make any announcements.”