Commercial radio giants Kyle Sandilands and Jackie Henderson will reportedly be offered $12 million by former employer Southern Cross Austereo in a bid to poach the pair after they jumped ship in 2013.

The famous duo left the network after contract negotiations failed and were made an offer of $10 million from rivals Australian Radio Network to join KIIS 101.1 FM, formerly Mix FM.

According to The Daily Telegraph, Southern Cross Austereo is now preparing to make a bid to lure back the top-rating Kyle and Jackie O Show after letting it go 19-months ago.

The offer reportedly comes as part of a major makeover at their former home, the 2Day Network (Fox FM in Melbourne).

Henderson and Sandilands' departure has been a major blow for the company, which has slumped to its worst year on record and lost $100 million from its share value.

Meanwhile, KISS FM and the Australian Radio Network have jumped to the top of the Sydney radio market.

When contacted by Fairfax, a spokesperson for SCA said the network would be making no comment.

Sandilands said an offer of $12 million was appealing, but he wouldn't return to the 2Day Network just for money.

"I just don't jump through hoops for money any more," he said.

"But I'm happy for Southern Cross to throw money at us because whatever they throw, ARN will throw more back so it just drives my price up."

The 44-year-old said the departure of SCA chairman Max Moore-Wilton in February, who he famously clashed with, also wouldn't affect his decision.

"I'm not going to go back to driving an old car just because it's got a new coat of paint," he said. "Why would I do that? I've got much flasher car now."

A spokesperson for Australian Radio Network said KIIS FM were keen to hold on to the successful radio stars.

"Kyle and Jackie O have achieved great success at ARN and KIIS 1065 and we are focused on our strategy of building on that success," they told AAP.

If successful, the bid would see the Kyle and Jackie O Show return to the 2Day Network and Fox FM in 2017.