The X Factor host told Digital Spy that he thinks "there's room... in the schedules" for the classic biographical programme, providing that the celebrities honoured with its famous red books don't "scrape the bottom of the barrel".
"Maybe [I'll bring back] This Is Your Life, I'd quite like to do that," he said. "I think there's room for This Is Your Life.
"I think there's room for it in the schedules, but you have to be over about 45 I think is the qualification.
"You wouldn't want to scrape the bottom of the barrel with the guests, you've got to have proper legends doing it. And you'd have to reinvent it as well."
O'Leary also revealed that he dreams of landing his own chatshow.
"I'd like one eventually, but I think there's quite a few around at the moment so there's no room for another one," he said.
Left: Michael Aspel surprises Claire Sweeney on This Is Your Life, Right: Trevor McDonald
This Is Your Life was hosted by Eamonn Andrews from 1955 until his death in 1987. Michael Aspel took over presenting duties until the show was axed in 2003.
A one-off special fronted by Trevor McDonald aired in 2007.
O'Leary was speaking to Digital Spy in his capacity as host of the National Television Awards. The ceremony will air live on January 23 on ITV. Fans can vote for their favourite shows now on the NTAs website.