The 25-year-old quit her role as troubled Sarah Platt after more than seven years in April 2007 in order to pursue new projects.
She later put her career on hold after welcoming the arrival of baby Scarlett, her first child with former co-star Ryan Thomas (Jason Grimshaw).
It is believed that the actress is now being lined up to return to filming in the autumn, with an "explosive" Christmas storyline planned for her character.
A source close to O'Brien told the News Of The World: "Tina will have devoted a year to little Scarlett when the time arrives that ITV are talking about getting her back on board. She had a big money offer to go on I'm A Celeb, but turned it down because she didn't want to leave her girl.
"She's 90 per cent certain she wants to go back in but wants to be completely sure before she commits herself."
Meanwhile, a Weatherfield insider commented: "It's the talk of the set. There's a real buzz about the place now that it looks like Tina is returning."
Viewers last saw Sarah leaving Manchester for a new life in Italy with her daughter Bethany.