Will Twitter Co-Founder Jack Dorsey start working for his social network empire again? If the Twitter board has its way he will.

The Twitter board is currently in negotiations to hire the Twitter creator back into the company full time, according to published reports. Whether he would become chief product officer or take on a different executive position remains to be determined, but the board has expressed interest in putting Dorsey back on the payroll.

Those familiar with the deal shared that current Twitter CEO Dick Costolo will remain with the company as he is esteemed for his monetization expertise.

Earlier this week, Twitter – a social networking site that allows users to send live blogs that are under 140 characters – celebrated its fifth anniversary. The company started back in 2006 when Dorsey sent the first tweet on stating “inviting coworkers.”

After holding the position of Twitter CEO for two years, Dorsey stepped down from the post in 2008 when the company’s board announced that it felt that co-founder Evan Williams could do a better job expanding Twitter at that stage. After a two-year stint in the role of CEO, Williams passed along the torch to Costolo, an early Twitter investor.

After he left Twitter, Dorsey co-founded Square, a revolutionary service enabling anyone to accept credit cards by plugging a card reader into his or her phone or iPad.

Since the inception of Twitter, however, the social media site has grown to now boast statistics including the fact that 50 million tweets are sent per day for an average user; on average 140 million tweets are sent per day; and an average of 60,000 new accounts are started each day.

With users tweeting about everything from Charlie Sheen’s latest rants to the disaster striking Japan, recent figures indicate that more than 140 million tweets are sent daily, about one billion a week.

Recently, Twitter announced its plans to make the site more secure by adding a user setting that allows users to always use HTTPS when accessing Twitter. 

“Using HTTPS for your favorite Internet services is particularly important when using them over unsecured WiFi connections,” Twitter officials wrote in a recent blog post.

Perhaps now is the best time to come back to Twitter. Dorsey left the company when it was just beginning to take off and now Dorsey can ride the momentum created by the microblogging site and influence change.

One thing is for sure, though; all this talk is bound to be giving Dorsey’s Square colleagues something to tweet about.