There's this rumor going around that OK! magazine owner Richard Desmond is hiring Bonnie Fuller, she being the former American Media editorial director and Star leader, to run his American exclamation point tabloid.

Fuller, who just left a $2 million-plus payday with David Pecker, is starting her own company, Bonnie Fuller Media, which by all accounts is some sort of digital (and maybe some TV) venture with backing from former Viacom exec Russ Pillar.

The rumor says there are "protracted talks" between Fuller in Desmond, who is said to be looking for a high-profile EIC to replace Sarah Ivens, who's been running the tabloid since it launched on American shores. The U.S. OK!, which Desmond reportedly sunk $100 million into (though, because he pays in British pounds, he gets everything half off), has seen circulation increase, but not enough to really compete with more established players like In Touch or Us Weekly. Which might explain why we're also told Desmond made overtures to Us editor Janice Min, who declined.

So is Fuller taking over at OK!? No, say well-placed informants. But it's true Desmond did reach out to her.

Which leaves only one real question:

If not Min or Fuller, who's left to replace Ivens?

The recent masthead change-up that came out of Bauer today, with In Touch and Life & Style kingpin Richard Spencer — whose name is always left out of press reports about the tabloid business — leaving behind his L&S editor-in-chief spot to take the editorial director position, suggests Spencer is there to stay, at least for now. And People's Larry Hackett, well, isn't leaving that plush gig anytime soon, at least not for the "downmarket" pastures of OK!.

And meanwhile, is Ivens really on the outs with Desmond, so much so that he wants to replace her at all costs? Or will he only kick her out if he can get somebody of greater stature to fill the role?