Is It Possible That Regis Philbin Is Being Replaced By...Kathie Lee Gifford?!?!?

Live with Kathie and Kelly??? Not sure how we feel about that…

Earlier this week, Regis Philbin announced that his last day on Live With Regis and Kelly would be November 18, 2011.

Obviously, we’ve been very curious to hear who’s going to replace him, and now we MAY have an answer…but probably not.

Here’s what a source at ABC is saying about Reg’s potential replacement:

“They would love to be able to tempt Kathie Lee back. It would be a huge TV event, returning to the show she started with Regis. Plus, at the end of the day, TV is all about ratings and no one that has filled in for Regis has generated anywhere near [the] ratings or buzz they had hoped.”

And here’s what a source at NBC had to say about it:

“The folks at Live! are desperately trying to reach the level of success that the ‘Today’ show has. Their ratings have not been good.”

“Kathie is firmly under contract for NBC.”

That may be true, but contracts HAVE been known to break from time to time. Just sayin’!

What do U think? Is there any chance that Kathie Lee could leave NBC to take over Regis’ job on Live???

[Images via WENN.]