At the end of last month, industry insiders claimed that talks to bring Big Brother to Channel 5 were at "an advanced stage", with an agreement potentially just weeks away.
According to a fresh report in The Guardian, commercial terms for the deal have already been agreed and the final sign-off is expected within days.
Big Brother only ended its 10-year association with Channel 4 last September, but Desmond is keen to attract a major programme format to boost Channel 5's ratings and the chance to land the reality show appears too good to miss.
Details on how the Big Brother format will return to TV screens are currently being negotiated. One source claimed that Channel 5's version of the show will be on a smaller scale, but with a longer run than the typical 13-week stint on Channel 4.
Speculation is mounting that long-running Big Brother host Davina McCall will return for the Channel 5 version of the programme.
Despite suffering a decline in its ratings towards the end on Channel 4, Big Brother is still a sufficiently big name to potentially provide a boost to Channel 5.
There would also be the opportunity to bring spinoff shows, such as Celebrity Big Brother and Big Brother's Little Brother, to Channel 5 and digital network Fiver.
A source said: "Channel 5's ratings are not great and Big Brother will really help them deliver, particularly given there is nothing on the schedule or seemingly in the works to produce such numbers."
On Monday, Channel 5 will relaunch with new branding and refreshed programming, including a new-look 5 News presented by Emma Crosby and magazine show OK! TV, replacing the axed Live at Studio Five.