The male contestants on the reality TV show include world champion surfer Mark Occhilupo, Home and Away star Dan Ewing, My Kitchen Rules judge Manu Feildel, sports star Nathan Bracken, singer Damien Leith and Nick Bracks, model and son of politician Steve Bracks.
The famous women taking part include model Lara Bingle, golfer Jan Stephenson, Bracken's wife Haley, newsreader Samantha Armytage and Brynne Edelsten, a socialite who is married to Dr Geoffrey Edelsten.
According to The Daily Telegraph, multi-millionaire Geoffrey has reportedly placed a bet worth $1 million (£646,000) on his wife wining the show.
Celebrity chef Feildel is currently the favourite to win the show, with Armytage and Ewing close behind.
Bingle and Edelsten were first linked to the series about three weeks ago. At the time, an industry insider said that Channel Seven were also "desperate" to sign up Elizabeth Hurley because of her relationship with Aussie cricketer Shane Warne.