O'Donnell has previously said that she was interested in taking from Bob Barker as host of the game show, The Los Angeles Times reported Tuesday.
Barker's last episode aired Friday, ending his 35-year run as the show's host.
Now, it appears O'Donnell has sparked CBS' interest. She previously wrote in her blog that the network didn't "want me, boo hoo."
CBS has been auditioning replacements for Barker for the past several months, and have narrowed the field down to three others, beside O'Donnell.
The three leading candidates have been George Hamilton, Mark Steines, and Todd Newton, who hosts a live version of "The Price Is Right" at Bally's in Las Vegas.
If O'Donnell is offered the job it remains unclear whether she and her partner would move their four children to Los Angeles or stay in New York.