ABC has made an offer to Freemantle, American Idol production company, to buy the franchise and reboot it for a March 2018 premiere.
The network is also planning to bring the original host Ryan Seacrest back to the popular singing competition TV series, which has been off the air for a year, reported TMZ.
ABC's bid comes after NBC previously tried to crack a deal with the show's production company in February.
American Idol ran for 15 seasons on FOX, before going off the air last year.
The show has generated some of the biggest names in music, including Kelly Clarkson, Carrie Underwood, Jennifer Hudson, Jordin Sparks and Adam Lambert.