Ngannou walked out on the UFC last year to pursue a lucrative switch to boxing but he did so after signing with the Professional Fighters League.
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The PFL gave the green light for the move to boxing and the ex-UFC champion faced Tyson Fury, 35, in October.
He sensationally dropped the unbeaten heavyweight boxer only to lose a controversial split-decision.
Ngannou then faced Fury’s British rival Joshua, 34, in March but it ended in a sickening second-round knockout loss.
And the second successive boxing defeat looks to have sent the Cameroonian hero back to MMA for his next bout.
PFL boss Donn Davis said: “We talked to Francis and he said before the fight in Saudi Arabia that he planned to come in MMA this year.
“It just depended on the outcome of that fight, he said if he lost that it’s be sooner and if he won it’d be later, so it’ll be sooner.
“He says he is recharging, he went home to Cameroon after the fight.”
Brazilian Renan Ferreira, 34, knocked out ex-UFC star Ryan Bader, 40, in 20 seconds in February to earn a fight with the returning Ngannou.
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SunSport understands another PFL pay-per-view is heading back to Saudi with Ngannou to top it.
Davis added: “We think it’ll be autumn, it could be as early as September or as later as October. I think it’ll be one of those two but he’ll be ready.
“It’s be a little over two years since we’ve seen in MMA and we are excited to see him in the SmartCage against Renan Ferreira.”