The gobby star, 51, reckons he would be "brilliant" as its presenter.
The show dropped below a million viewers at 10PM according to overnight viewing figures, with 990,000 tuning in for the last episode of the week.
Household names including Davina McCall, John Bishop and David Walliams have presented the show but all flopped.
They hoped it would be as popular as late-night chat shows in the States including The Late Late Show, hosted by Brit James Corden.
The scheduling of the weeknight entertainment show, which switches hosts every week, has thrown the fate of the ITV News at Ten into uncertainty.
The show didn't start off well, and it still isn't ideal, but compared to the first two weeks we honestly think that Davina did a fantastic job last week.
And ratings have dwindled since it began - dropping below a million viewers last week.
He said: "I think we have to give it a few weeks". And now the controversial TV presenter has declared that he is the man to SAVE The Nightly Show.
He added: "I want to see who works. They're trying to be a bit American for me". But he said he would ditch that role to take over on The Nightly Show.
Piers now fronts Good Morning Britain on ITV every weekday, alongside Susanna Reid. "And I can't do morning and night".
It was previously claimed Paul O'Grady and former "Great British Bake Off" hosts have turned down approaches to host "The Nightly Show".
However ITV bosses have faith in the format, with a spokesman saying: "We are not axing The Nightly Show, nor are we moving it".
Dermot O'Leary will take over as host in the coming week.