Speaking to James Merritt for Free Radio, the Script frontman also suggested that Adele could replace Jessie J, who he previously admitted will probably leave the programme.
Asked who could take Jones's place as a coach, O'Donoghue said: "Elton John. I've thought about this long and hard. I think Elton John needs to take over Tom's position.
"And I'm still open - I think possibly Adele, because she'd come on for Jessie. I think that would be one hell of a line-up.
"Then you'd have to probably rethink me, and have someone better than me on. But I think that would be a really, really great line-up."
Tracks by Elton John and Adele have both featured on the songlist for the show.
Of whether he wants to return to the show, O'Donoghue said: "I'd love to, yeah, if they'd have me back I'd love to go.
"Me and will[.i.am] were chatting last week and we'd both love to come back and do it because we had the most fun we've had in a long time."