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29 December 2013, 14:27 | Updated: 29 December 2013, 14:47
The band have reportedly signed a deal with the label that launched them and are expected to release a new album in 2014.
PA reports that the Irish supergroup left Island in 2006, claiming they were unhappy with the departure of boss Jason Iley. He was moved to sister label Mercury and U2 soon followed. However, Mercury was dissolved earlier this year.
A source told PA that U2 are "are going back to their spiritual home". Island was the label that released the debut U2-3 EP back in 1979.
Universal and Island have yet to comment on the news, but rumours say that the band have already met with staff.
Earlier this year, Paul McGuinness stepped down as U2's manager after 35 years. The band are now managed by Live Nation and Guy Oseary.