The Daily Express owner is currently in talks to buy and revamp TV channel Five. The Guardian now reports that if Desmond is successful, he hopes to produce a new version of the axed BBC series.
He reportedly told colleagues that he wants "to create a series of landmark shows in peak time and believes a live music programme would win a big audience".
The BBC cancelled the long-running programme in 2006, though a number of Christmas and New Year specials have aired since. The rights to the Top of the Pops format currently reside with BBC Worldwide.
Desmond is reported to have placed a £100 million bid for Five.