Zac Goldsmith is understood to be considering a return to politics with a bid to win back his former parliamentary seat in June's General Election.
However, a source close to Goldsmith told City A.M. he could be selected as the Conservatives' candidate for his old Richmond Park constituency as soon as Wednesday night, despite quitting the party ahead of the by-election.
Goldsmith did not respond to request for comment. The local Conservatives will select their candidate later this week.
A 2017 return would mark an impressive turnaround for the former Tory MP, who was defeated in the London mayoral race just months before exiting Westminster.
Goldsmith triggered the by-election in protest over the government's decision to expand Heathrow, and his former colleagues in the Conservative party responded by refusing to stand a candidate against him.
However, voters in the constituency had strongly backed a Remain vote in the referendum, and dropped the long-time Eurosceptic in favour of the Lib Dems.