A source told the New York Post that Kimmel is a favorite since he is chummy with many celebrities.
Hollywood insiders are saying that Kimmel is a logical choice since his late night talk show is already part of the Oscars telecast.
Jimmy Kimmel has his own post-Oscars show, which is typically booked with big Hollywood stars.
Kimmel has experience hosting big-time award shows. He hosted the 64th Primetime Emmy Awards, which aired last September, his first time hosting that event.
This year's host, Seth McFarlane, will not be returning as the host of the Oscars. McFarlane was asked on Twitter whether he would host the show again. He replied, "No way!"
Some critics slammed the 2013 telecast because McFarlane delivered risqué jokes about female nudity and zingers about gays and Jews.
McFarlane's appeal among young people did help give the Oscars a bump in the ratings. It had the largest audience in three years.
''Jimmy Kimmel Live!'' airs at 10:35 p.m. weeknights on ABC 7.