PopEater reports that ABC execs have expressed interest in Rinna, citing her past experiences filling in on the show as well as several other network series.
"Lisa has proved she can do the job," a source said.
"She has co-hosted the show with Regis, filled in for Joy Behar on her show and was even better than Billy Bush when she stepped into his shoes on Access Hollywood's new daytime show."
Rinna herself would not confirm the rumours but insisted that she would be up for the job if it were offered.
"You know, back ten years ago I filled in many times with Regis when Kathie Lee left," she recalled.
"I've been so fortunate enough to co-host with him at least ten times or more and was up for the job to replace Kathie Lee, but of course Kelly was the perfect choice for it."
She added: "Regis taught me everything I know. He is the king!"
Philbin announced plans to retire from Live after nearly three decades earlier this month.