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According to the New York Post, the show's creator Marc Cherry is eager to bring the former vice-presidential candidate in to star in the season five finale.
"Marc is highly enamoured of Sarah and sees her as the ultimate guest star [playing] a similar version of herself," said Hollywood publicist Hal Lifson.
"The idea has gone over surprisingly well with execs at Disney, who see it as a blockbuster based on Sarah's huge ratings on Saturday Night Live."
ABC has said that there is "no truth" to the Palin rumours, while Cherry has so far declined to comment.
