Oprah ''misses being the queen'' of daytime TV.

The 61-year-old star is reportedly in talks to sign a $500 million deal to relaunch her self-titled talk show, 'The Oprah Winfrey Show,' which aired for 25 seasons from 1986 to 2011.

A source close the actress and producer said: ''She could make half a billion bucks just by turning the lights on.

''ABC wants her, only first they'd have to buy out her network, OWN. But 'The Oprah Winfrey Show' generated $300 million annually, and that was five years ago, so it's a lucrative opportunity.''

Oprah also wants to prove she still has what it takes to compete with Ellen Degeneres, whose chat show is the most popular in the US.

The insider told America's Star magazine: ''Oprah misses being the queen of daytime talk. If she were back on the air, fans would make her number one in a heartbeat.''

The star previously admitted to successful Chicago-based talk show host Steve Harvey that she missed being in front of a live audience.

Speaking in 2013, she said: ''I got a little choked up seeing you guys today, because what I really miss is the camaraderie with the audience every day ... I did that for 25 years.''