The German model recently announced she will be leaving the competition fashion show after 16 seasons, but she doesn't want the drama to end - and she has the perfect person in mind to front the show.
"I know that Gigi's name has come up and I think she would be amazing," Heidi tells Us Weekly. "She has had so much success in this industry. I think she would be a great fit."
Klum admits leaving the show was a tough decision and she'll miss the "amazing team," who put the programme together.
"None of these people will be doing it going forward because it's someone new now," she added. "I wasn't sure how it was going to be there, so I think that was a good opportunity now with the switch to actually say like, 'You know what, this baby is old enough. 16 years old. I'm ready to work on a new one'.
"Sometimes these kind of things happen and then you look at it from all angles and you say, 'Actually, maybe now is a good time to freshen this up'. It needs to be freshened up, so I felt like it was the right thing to do... And I was ready for a change."
Tim Gunn, Heidi's fashion guru sidekick on "Project Runway", will also be leaving the show.
He'll be joining her for a new series on streaming service Amazon Prime Video.
He signed off recently by stating: "I am grateful to Project Runway for putting me on a path I never, in my wildest dreams, thought my career would take me! I am so proud to have been a part of the groundbreaking process that showcased talented young designers as never before.
"Most importantly, I am indebted to our incredible fans, they are the heart and soul of what we do, and continue to inspire us to raise the bar in this arena. I'm excited for them to see what's next, as I partner with Amazon and Heidi Klum on our next great fashion adventure."
The stylish colleagues joined the fashion competition show in 2004, with German beauty Klum serving as host and an executive producer, while Gunn featured as a mentor to budding designers, and also helped to produce the long-running series.