The reality star left the ITV2 series last year, but is said to have asked producers for a comeback after failing to find regular TV work, The Sun reports.
Derbidge has allegedly told friends that he is dating the show's Bobby Cole Norris, and could make a return as his boyfriend.
An insider said: "Harry left TOWIE thinking he could become a big star but things never really took off for him.
"He has now been back in touch with producers saying he'd love to return after they relaxed their policy about old stars returning.
"He has also been telling people he is seeing Bobby and thinks they could be the next big TOWIE couple."
However, a friend of Cole Norris has since denied that he has been dating Derbidge, while producers have dismissed chances of a return for the star.
A show spokesman said: "There are no plans for Harry to return to TOWIE."
Former TOWIE star Amy Childs recently stated she would be interested in a movie version if Mark Wright was involved.