Shepherd was a co-host on ABC's "The View" from 2007 to 2014 and was part of the show when the hosts won the Daytime Emmy for outstanding talk show host.
Comedian Wanda Sykes has been in feature films such as "Monster-in-Law" and "Evan Almighty," and she's been on a variety of TV shows in the past two years. Us Weekly said Sykes has been a guest on "Live" but hasn't commented about joining the show as a co-host.
Before the idea of a woman joining Kelly on the show was raised, fans were voicing their opinions on male replacements. The most popular fan suggestion has been Neil Patrick Harris.
Us Weekly's source who leaked the possible female replacements also said there are some males in the mix, including Taye Diggs and Rob Lowe.