The star, who recently split up with boyfriend DJ Calvin Harris, is said to have agreed a "six-figure" deal to join current coaches will.i.am, Ricky Wilson and Sir Tom Jones.
Minogue quit the show after one series to concentrate on her own music career.
She said that she "absolutely loved" the talent show but the filming commitments would clash with her planned European tour.
Her departure was seen as a blow to the show which has struggled in the past against rival ITV shows.
A BBC spokeswoman said they would not comment on speculation.