A couple of things that stand about the current reporting:
Assuming this is based on credible information, It sounds like New Orleans is currently only a fallback plan if one of the LA teams doesn't pan out. As much I'd like to have him back, not sure how to feel about that, given the rumors he had tried to part ways with the Saints on a couple of other occasions.
If he did return, have to consider the possibility he finishes out the remaining two years on his current deal, without agreeing to an extension, then is free to go wherever he wants at that point without compensation to the team. Something I hadn't considered before but what happens to his rights if Payton expresses an interest in returning and the Saints pass on re-employing him? Is there a scenario here where he can force the team into either hiring him back or cutting him loose?