Report: Hulk Hogan Returning to WWE is Almost a Done Deal

-- According to a story by TMZ, Hulk Hogan returning to WWE is almost a done deal, with the two sides meeting recently in what was described as "positive." The report also suggests that the recent event in Saudi Arabia, one of the members of the royal family specifically wanted to see Hogan wrestle, but ultimately WWE decided not to bring him back at that time.

Hulkamania could once again run wild in the WWE -- TMZ Sports has learned plans to bring Hulk Hogan back to the squared circle are currently underway.

We've learned ... Hulk and high-ranking WWE officials have been in touch recently and it's been positive.

In fact, we're told when the WWE made plans for an event in Saudi Arabia, one of the members of the royal family specifically asked for Hulk to participate.

Ultimately, Hulk didn't go ... but it triggered a dialogue between the two sides. Also, Hulk and Vince McMahon both appeared in Bill Simmons' recent Andre the Giant documentary ... though, not together.

Of course, Hulk got the axe from WWE in 2015 after a racist N-word rant went public. Hulk apologized and several African-American wrestlers publicly offered their support for Hogan.

Now, we're told the WWE wants to bring him back into the fold -- and Hulk is down -- but everyone wants to make sure it's done "the right way."

We're told everyone wants to be sensitive to the audience that was offended by the racist rant -- while showing Hulk's learned from his mistakes and is a changed man.

Our sources say WWE was paying close attention to Hulk's speech at the Boys & Girls Club this week -- in which he said he wanted to help educate kids to not use the same language he did -- because they wanted to see how it was received. It went well with the crowd which gave Hogan a loud ovation.