Lauren Sanchez has been chosen as this Wednesday's guest co-host on ABC's "The View"

If Sanchez's guest appearance goes smoothly, and if she's able to build good "chemistry" with the other hosts, ABC may consider Sanchez as a permanent replacement host for the next season of "The View," TMZ reported.

"Our 'View' sources tell us producers will be watching for Sanchez's "chemistry" with Whoopi -- which makes sense since she's the only one who will be back next season," the TMZ source said.

Following this season's departure of Barbara Walters, Sherri Shepherd and Jenny McCarthy, "The View" has been fervently looking for new co-hosts to join Whoppi Goldberg on "The View's" hosting panel.

So, far Rosie O' Donnell has been announced as a returning co-host on the show, which leaves two co-hosting spots left open for the next season.

According to TMZ, "The View" producers hope to diversify the co-hosting panel with one conservative and one Latina. If all goes well with Sanchez, she may be the Latina co-host that "The View" has been looking for.

Sanchez, who is already a Good Day LA co-host and a former "So You Think You Can Dance?" host, was almost hired to host "The View" back in 2000, TMZ reported.

But at that time, "The View" producers chose Lisa Ling over Sanchez.

Despite her first failed attempt at being an official co-host, Sanchez is excited to be coming back on the show.

She also posted the joyous tweet on her official website.

So who will be the remaining co-host of "The View" if Sanchez makes the cut?

Well, according to the New York Daily News, its contributor S.E. Cupp and FOX host Juliet Huddy are front-runners to fill the conservative seat on "The View" panel.

What do you think about the new rumored host to join "The View" panel? Share your comments below.