Stefanovic will be parachuted in to resurrect the ailing breakfast show, according to The Daily Telegraph, less than one year after he was dumped while on honeymoon after his wedding to Jasmine Yarbrough in Mexico.
Stefanovic will be joined by Weekend Today host and 60 Minutes reporter Allison Langdon who will co-host the show.
The current team including Georgie Gardner, Deb Knight and Tom Steinfort will be replaced, with Gardner reportedly returning to Nine News and Steinfort to 60 Minutes.
It comes after Nine had been under pressure due to record low ratings and on air tension among hosts. This month, the show registered its lowest weekly average of 174,000.
Stefanovic’s new pay packet in the role is unclear, however it is reportedly a $2 million plus salary.
“It is crunch time,” a well-placed TV executive told The Daily Telegraph. “It just had to be done. Today is bleeding ratings and, worst still, the show is bleeding revenue.”
Nine have not yet commented on the news.
Stefanovic was sensationally dropped from the show in December last year while on honeymoon in the US.
“Nine and Karl Stefanovic have agreed it is time for him to step off the Today show,” a statement from news director Darren Wick read at the time.
“Karl remains on contract with the network and will continue to host (his other show) This Time Next Year.”
It came after a high-profile dispute over pay parity that led co-host Lisa Wilkinson to defect to The Project on Ten.
Stefanovic also underwent a high-profile marriage breakdown and new relationship with shoe-designer, Jasmine Yarbrough.
At the time, the Today host said the past year had been “tough”.
“Thanks to our viewers mostly, you are what matters most,” Stefanovic said.
“It’s been a tough time. Thanks for hanging in there. I look forward to seeing you in another capacity at this great network soon.”
Meanwhile Today Extra host Sonia Kruger is expected to move to Channel 7 next year.
Nine has been contacted for comment.