Nicole will be a key speaker at the festival. However, also on the event program is the long-awaited premiere of Faraway Downs, the TV reworking of Nicole and Hugh's hit 2008 movie Australia.
Thanks to the timing of Hugh's Bondi post, and the fact that Nicole will already be in town, insiders are speculating that the duo might be making a surprise joint appearance on the red carpet at the October 21 premiere!
But it won't be all work for the close mates if this happens, as our insiders tell us that Nicole is eager to take Hugh out for a good old-fashioned catch-up over a belated birthday pint.
"Nicole wants to take him out for a beer and a chat as soon as they're both in Sydney," reveals a source.
"A night out on their home turf with one of his best mates is the perfect cure to loosen Hugh up from the tensions of the past few months."
A separate source claims Nicole - who is also close friends with Deb - is hoping to "repay a favour" to Hugh.
"Hugh and Deb were instrumental in helping Nicole get over her divorce from Tom Cruise [in 2001]. She also crashed on their couch when she came to America to film Days of Thunder," says the insider.
"She's been pals with both Hugh and Deb since the '80s, and while she's sad about their split, she's happy to help Hugh through this. He's been there for her so many times over the years."
Being back Down Under together couldn't have come at a better time for Hugh, who's hoping to pick Nic's brains over navigating life as a newly single man.
"Hugh has women approaching him from all angles...online, in person, and via texts," says an insider.
"He is overwhelmed. Bear in mind this is a man who hasn't been on a date in three decades, so he's completely out of his depth.
"Thankfully, he's got people like Nicole to steer him safely through. Nic has offered to sit down and go through his plans for the future and what sort of person he'd like to share it with."