The time could be right for The Silver Fox to step in for Regis.

Television legend has tapped CNN anchor Anderson Cooper — host of AC360 — to replace him on Live! within in the next two years, The National Enquirer reported Monday.

According to the tabloid report, Buena Vista Television is expected to offer Anderson a multimillion contract to join Kelly Ripa as host of the ABC morning gabfest when 78-year-old Regis retires in 2011.

“Reege loves Anderson,” an industry mole blabs. “And Anderson seems to love doing the show. Hosting AC360 is mostly serious stuff, and Live! allows Anderson to show his funny side,” the source adds. “He can cut loose and joke, which he enjoys. He told a pal that working on the show is an ‘absolute riot.’”

Despite his news background, Anderson, 42, has subbed for Regis many times on Live! and also has experience hosting entertainment shows, after fronting The Mole and The Mole II.

Other possible candidates to replace Regis include Deal Or No Deal host Howie Mandel and American Idol frontman Ryan Seacrest.