"I believe they're going to have a meeting with Rosie," Barker said backstage Friday night at the Daytime Emmy Awards, where he won his 19th trophy.
"She knows the show," he said. "There's no doubt in my mind she could do the show. Now, whether they want a lady host, I don't know. I've never heard that discussed. As far as I know, they've only auditioned men."
Barker said his friendship with O'Donnell goes back several years, when she had him as a guest on her old daytime talk show.
"She told me she loved 'The Price Is Right' and wanted to host it one day," he recalled.
Photos: Rosie O'Donnell
Among those mentioned as possible replacement hosts have been Todd Newton of the E! network, Mark Steines of "Entertainment Tonight," George Hamilton and John O'Hurley.
Barker retired last week at age 83 after 35 years of giving away vacations and cars on the hit CBS game show. But he said he may be back with some specials featuring vintage clips and guests.
"If it works out, I'd like to do that," he said.