Sources close to Love tell NBCLA that the discussions are in the early stages, but they are serious.
Love is just the latest in a long line of names that have been mentioned as would-be replacements for Cowell, who many say is driving force behind "Idol's" success.
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The always honest, but often polarizing judge left "Idol" earlier this year in order to jump-start the American version of his hit British talent show "The X Factor."
Other rumored candidates have included: singer Jessica Simpson, radio shock jock Howard Stern, Bret Michaels, Chris Isaak, Elton John and Justin Timberlake.
Former "Idol" executive producer Nigel Lythgoe has suggested the show replace all its existing judges.
If FOX agrees to place Love in Cowell's seat, she'll bring a rich, yet controversial history to the show.
She's best known as the widow of grunge icon Kurt Cobain. And she has attracted significant media attention over the years because of her battles with addiction and her rocky relationship with daughter Frances Bean Cobain.
But Love is also one of the most successful female rockers of all time. Her band "Hole" has sold millions of albums around the world. She's currently on tour supporting Hole's new release "Nobody's Daughter".
Love has also had success in Hollywood. She was nominated for a Golden Globe for her role in the "The People vs. Larry Flynt.".