PWInsider's Mike Johnson reported on Thursday that discussions between Hogan and WWE officials began several weeks ago.
"There is no word yet as to what role Hogan could play for the company should the two sides come to terms," Johnson wrote.
WWE responded to Johnson's report on Thursday afternoon.
"We have had discussions with Terry Bollea (aka Hulk Hogan) about how he can help others learn from his mistakes, however, he is not under any contract with WWE," WWE said in a statement.
Johnson also reported that Hogan's potential usage in the company ranges from returing to his previous role as a public ambassador to being an on-screen character every week (using the example of Shane McMahon's leave of absence as a possible opening for Hogan as SmackDown Live's authority figure).
WWE terminated Hogan's contract on July 24, 2015 following the release of some racial comments he made during the infamous leaked sex tape that led to Hogan's lawsuit with media company Gawker.
As recently as January, WWE was adamant that the six-time WWF Champion would not be back in the company any time soon.
"At this time, WWE remains committed to its decision," WWE wrote in a statement on Jan. 18.
However Hogan along with a group of various former wrestlers have come out in favor of Hogan being back in the company he helped reached new heights in the late 80s and early 90s.
"I don't know if they want me back," Hogan said in an interview with The Washington Post. "I think the fans want me back. I think that I'm part of that company from the ground up. Triple H I know is a huge fan of the guys that gave their blood, sweat and tears and their personal life to make this happen. I know Triple H would love to see me back on the inside again."
Hogan continued to push for his return as recently as February, when he gave an interview alongside former rival Ric Flair for TMZ.
"For me, I'd love to change that last story that was told with the Hulk Hogan career," Hogan said. "I'd love to get back in the fold, get back on the inside and correct a lot of stuff. It has to be the perfect timing for both sides. We're all on good terms. We're all working towards the same goal. So hopefully, I'll be able to be back with my wrestling family some day soon."0comments
"The Nature Boy" even signed off on the idea.
"We look forward to that," Flair said.