The former VP candidate accepted NBC's invitation for 40th anniversary broadcast

Live from New York, it’s … Sarah Palin!

Saturday Night Live‘s one-woman ratings bonanza, Sarah Palin will participate in the show’s 40th anniversary special, a political source tells PEOPLE.

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SNL producer Lorne Michaels invited Palin to return to the show and the former Alaska governor accepted, a source close to Palin confirms.

Palin, the Republican VP candidate who was regularly spoofed on the show by spot-on comic doppelgänger Tina Fey during – and after – the 2008 presidential race, showed she was a good sport by appearing on the show herself two weeks before Election Day that year.

No hard feelings since then? You betcha!

PEOPLE hears that Palin will return to SNL‘s 30 Rock studios bearing gifts – three “Alaska Grown” hoodie sweatshirts for Fey and her two little girls.