"His family really is very important to him and he's come to his senses. Sharon is Ozzy's whole life; he can't manage without her," the insider admitted.
There's a chance Ozzy's realization is too late, though. Some reports have suggested Ozzy was having affairs with multiple women. And Sharon Osbourne has been so vocal about the couple's split that some wondered if it could be a Beyonce-inspired publicity stunt.
Shortly after news of their split surfaced on May 7, Sharon opened up on "The Talk" about the situation, saying that at 63, she can no longer "live like this."
As for what comes next, Page Six's insider says Sharon's moving ahead with caution.
"She'll wait months," said the source. "It's a huge decision with a lot of moving parts, so she's going to see how everything shakes out before deciding what she wants to do and what is best for their kids."
After marrying in 1982, Ozzy and Sharon had three children together, Aimee, who's now 32, Kelly, 31 and Jack, 30. Though they've stayed together for some 33 years, the couple have had problems before.
At one point, Sharon said she'd caught him in bed with two different nannies.
"Everybody knows he's been struggling with this his entire life," the matriarch said during another rough patch a few years ago, when she was helping him kick some of his substance abuse issues.
"I never knew he was using prescription drugs. I knew he was drinking occasionally, but I didn't realize to the extent."
Earlier this month, Ozzy told E! News he's been sober for "three and a quarter years."
Over the weekend, Sharon was spotted without her wedding ring on.