Kathie Lee Gifford to Replace Regis Philbin?

Now that would be something.

Earlier this week, Regis Philbin announced his last day on Live With Regis and Kelly would be November 18, 2011. His replacement? Still very unclear.

Here’s what a source at ABC is saying about it, though:

“They would love to be able to tempt Kathie Lee Gifford back. It would be a huge TV event, returning to the show she started with Regis Philbin.”

“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.”

How’s NBC, her current employer, feeling about that?

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

“Kathie is firmly under contract for NBC.”

For how long? They didn’t say. Think Kathie Lee would even consider leaving NBC to take over Regis’ job on Live? If not Kathie Lee, who else?