The 41-year-old presenter began her career as a weathergirl for breakfast TV in 1989.
Fiona Phillips announced her plans to leave the programme last week.
‘Fiona’s departure is a blow,’ an insider tells The Mirror. ‘But this gives us a chance to give the whole show a spring clean.
‘Ulrika is perfect – beautiful and intelligent, with an ability to laugh at herself. She is an experienced presenter and we are in serious discussions.’
Current co-host Kate Garraway, 41, is the bookies favourite to win the job.
Myleene Klass, Holly Willoughby and Jenni Falconer are also said to in the frame.
Fiona will present her last show at Christmas.