The Saturday Night Live writer will fill in as co-host for Regis Philbin starting the week of July 9. He previously hosted the show in April and May.
The search for a new co-host is reportedly down to three contenders - former NFL football player Michael Strahan, singer Josh Groban and Meyers, according to Showbiz 411.
However, Meyers is said to be the favoured candidate.
Should Meyers choose to join the morning programme, he would likely have to give up his position as head writer on SNL due to Live!'s taping schedule.
There is no word on when a decision will be made. Ripa has said that she is in no rush to find a new co-host.
Philbin hosted his final episode of Live! on November 18, 2011, after 29 years with the show.