There are so many ideas going on here. I'm a chatty lady, especially in a new environment. I have to watch myself all the time to make myself calm down & let others have the floor. It has helped me a couple of times for someone to say privately to me "You really talk a lot, don't you?" Oddly, sometimes it's when you're in a bathroom, maybe on the way to your car after sewing. You never know when the opportunity to make your point will come up.
Perhaps no one has taken the time to let this lady know how she is affecting everyone. Maybe no one has ever told her that everyone gets a turn at visiting & talking, not just her. As a last resort, if she continues to come & continues the incessant chatter, then someone needs to throw the conversation to another person. Just bluntly say. Why don't we take turns today bringing everyone up to date on our lives? XXX What's going on with you? If she starts to take over the conversation, then just say gently.... we'll get to you in a moment, it's xxx turn.
The absolute last thing I would do is disband the group or start meeting somewhere else. Someone must be the adult/leader here & let this lady know the "manners" rule. And that she can't be the center of attention all the time.