Regular panelist Walsh has spoken to America's Got Talent judge Osbourne about reuniting with him to assess contestants during the crucial stage of the competition, The Sun reports.
Osbourne is said to have agreed a return, but Walsh reportedly needs Simon Cowell to sign off on his choice.
"In Louis's head he's already there, but he needs Simon's 'OK'," an insider told the paper.
The pair may film the Judges' Houses stage at Walsh's Miami home or in New York, with Osbourne's properties in Los Angeles and Atlanta also said to be under consideration.
Osbourne previously joined Walsh for the Judges' Houses round during the 2010 series of the show.
She was linked with the same role again last year, but Walsh was ultimately assisted by Cowell's long-term friend Sinitta.