Satellite station Sirius Radio broadcasts shows by some of the biggest names in the US, including controversial shock jock Howard Stern, Eminem and Jamie Foxx, and bosses are now keen to add Russell to the roster.
Sirius have reportedly offered the 'Get Him to the Greek' star a deal "worth millions of dollars" to hit the American airwaves.
A source told The Sun newspaper: "Russell has been itching to get back on radio for a while now. He has been off doing other things but radio still really tickles him."
The source continued "Russell's sidekick Matt Morgan is also keen to get writing and broadcasting again. The Sirius deal is in its infancy but Russell is well up for it. He has been given the hard sell about how they could make him the new Howard Stern."
Russell's last foray into radio ended in disgrace when he was forced to quit his popular show on major UK station BBC Radio 2.
The 35-year-old star along with friend and fellow broadcaster Jonathan Ross faced a public backlash after they made lewd and rude phone calls to elderly comedy actor Andrew Sachs, which included telling him Russell had slept with his granddaughter Georgina Baillie.
However, there is a possibility the deal with Sirius could see him reunited with Jonathan.
The source added: "He is desperate to do something with Jonathan Ross again."