The actress, best known for her role as Walford's Kathy Beale, has been tipped to start filming with the Channel 4 soap a few weeks after her current stint in the Celebrity Big Brother house.
Taylforth told the Daily Star Sunday: "I'm nervous but I'm also really looking forward to it.
"It was a big decision as I have been away from soaps for a long time. But it's a long contract so it will be nice to settle back into something."
A Hollyoaks spokesperson told Digital Spy this morning (January 6) that the show has been in talks with Taylforth but nothing is confirmed at this stage.
No details have been disclosed over who the 57-year-old will be playing if the deal goes ahead.
As well as EastEnders, Taylforth has previously had roles in Footballers' Wives and The Bill.