The 52-year-old comedian has agreed to a deal with NBC to make his return to the sketch comedy series early on in the 40th season, reported The Wrap.
An NBC spokesperson has not issued any confirmation as of yet about Carrey returning to SNL.
Carrey hosted SNL for the first time back in 1996, and returned for a cameo seven years later.
He most recently appeared on 'Saturday Night Live' back in January 2011, alongside musical guests The Black Keys.
Carrey's reported return to the programme will be in promotion of his upcoming comedy sequel 'Dumb and Dumber To', which opens on November 14 in the US and on December 19 in the UK.
That episode will also feature the debut of Darrell Hammond as the show's new announcer, as well as marking Michael Che's first appearance as Colin Jost's 'Weekend Update' co-anchor.
Sarah Silverman and Bill Hader have been confirmed by NBC to be hosting October episodes of 'Saturday Night Live'.