UPDATE 2-DirecTV CEO might return to News Corp -source

* Carey would replace departing executive Chernin

* Move would make Carey 2nd-most important News Corp exec

* News Corp shares up 4.91 percent (Adds background on News Corp, Murdoch)

By Robert MacMillan and Yinka Adegoke

NEW YORK, June 1 (Reuters) - DirecTV Group Inc (DTV.O) Chief Executive Chase Carey is in talks to return to News Corp (NWSA.O) to succeed the media conglomerate's departing No. 2 executive, Peter Chernin, a source with knowledge of the discussions said on Monday.

Carey, a long-time News Corp executive who left in 2002, would become vice chairman and work under Chairman and Chief Executive Rupert Murdoch, said the source, who was not authorized to speak for News Corp and declined to be identified.

His potential appointment, first reported by Sharon Waxman's blog, TheWrap (here), would make Carey the second-most powerful man at one of the world's most influential media companies.

News Corp owns properties around the world from a newspaper empire that includes The Wall Street Journal and The Sun in London, to the Fox movie and TV studios, the Sky Italia satellite TV network and more.

Murdoch for years has managed the sprawling company with the aide of President and Chief Operating Officer Peter Chernin, but, as previously announced, Chernin is leaving this month.