The breakfast television presenter, who currently hosts The Morning Show alongside Kylie Gillies, is believed to be in talks to front the old game show when it returns after the original host Ian Turpie passed away last week.
According to The Daily Telegraph, The Price is Right is scheduled to air on weekday evenings on the Seven Network later this year.
A Seven insider said: "He's the logical choice and, talk is, the only real choice at this stage."
However, Deal or No Deal host Andrew O'Keefe has suggested that Emdur would be too busy to take on the role.
He said: "I think Laz has a bit on his plate at the moment, but he does have a particular fondness for the razzle dazzle of the game show genre. [But] I think that the prices have risen considerably since he was last in a supermarket."
Emdur helped commemorate the 40th season of the US version of The Price is Right last July by appearing alongside Drew Carey as a guest host.
After Turpie's death, Emdur took to his Twitter page to remember his friend. He wrote: "So many jokes to tell, so many yarns to spin, so many game shows to host and never enough time... RIP Ian "TURPS" Turpie, best Price host ever (sic).
"I saw Turps a few years ago, he said people still yell "COME ON DOWN !!" to him every single day & it still made him smile."
> Australian entertainer Ian Turpie's funeral to take place on Friday
> 'Sunrise', 'Morning Show' bosses deny show overhauls