Toksvig, who previously worked on Associated Newspapers' Metro, will be returning to Britain just as OK! US celebrates its first birthday. He told the New York Post that he would be overseeing the international editions of OK!, including North America.
The paper also claimed Toksvig had been brought back to help develop a free afternoon title which Express owner Richard Desmond is hoping to launch in the spring.
The battle for the London afternoon market is expected to intensify over the coming weeks, with Network Rail due to announce the successful bidder of its online auction within days.
News International is considered the hot favourite to take the contract, but several publishers, including Express Newspapers, News International and Associated Newspapers, have also registered their interest.
Another bid is believed to have come from two former Financial Times employees. It has been reported recently that Richard Addis, the paper's former design editor, was looking at the potential of a new London paper.
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