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January 17, 2010 at 09:10 PM EST

Will the third time be the charm for CBS and Alex O’Loughlin?

Undeterred by the back-to-back failures of Moonlight and Three Rivers, The Eye net is courting O’Loughlin to headline the freshly-greenlit remake of Hawaii Five-O, sources confirm.

“Talks are ongoing,” says the insider. “CBS really wants to do another series with him.”

The original Five-O — which starred Jack Lord as Det. Steve McGarrett — ran on CBS from 1968-1980. The update is being shepherded by Fringe writer-producers Alex Kurtzman and Roberto Orci, as well as CSI: NY e.p. Peter Lenkov.

At press tour last week, CBS president Nina Tassler reiterated her strong desire to stay in business with O’Loughlin. “We love him,” she said, “and want him to stay around a long time.”

What do you think? Should CBS book O’Loughlin for Five-O? Or are you still holding out hope for a Moonlight resurrection? Sound off below!

Photo Credit: Janet Mayer/PR Photos

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