The Daily Mail claims that Klass will be the programme's host, while Jenkins will be one of the judges.
The show, which will be broadcast on ITV1, will start filming next year and will see popstars turned into opera singers.
"They are looking for a male host to present with Myleene and a male judge to sit on the panel with Katherine," a source said. "The producers are very keen on having Britain's Got Talent winner Paul Potts on the panel."
The insider continued: "It will be the panel's job to train popstars to sing opera - and each week one of the hopefuls will be voted off.
"There's a lot of excitement about having Myleene and Katherine on the same show. They are both big names and they can both be divas."