Bookies have given Good Morning Britain presenter Piers odds of 5/4 to replace Simon, 60, who will reportedly miss the final after breaking his back.
Simon is currently recovering in Los Angeles after he fell off his electric bike and narrowly avoided damaging his spinal cord.
GMB star Piers, 55, used to star on BGT alongside Simon and Amanda Holden in 2007.
Jessica O'Reilly of Ladbrokes said: "Piers is the perfect person to replace Simon during the remainder of Britain's Got Talent later on this year."
Other names in the mix include Cheryl (2/1), Louis Walsh (3/1), Gary Barlow (4/1) and Holly Willoughby (9/2).
Jessica added: "We can't rule out Cheryl being lured away from the potential Strictly judging vacancy by Simon's megabucks."
Despite the odds, other reports have suggested Piers has been 'ruled out' due to his 'rivalry' with fellow BGT judge David Walliams.
David, Alesha Dixon and Amanda Holden are all reportedly returning for the finals to a socially distanced set.
Simon had hoped to be part of the shows via videolink, but now he will apparently miss out altogether.
A source told the Mirror: "Everything is fixed, he just needs healing time.
"Flying halfway across the world is not part of the plan and he has agreed to put his health first.”
Daily Star Online has contacted a representative of Piers, Simon and Britain's Got Talent for comment.
The Britain's Got Talent final is set to air in the Autumn