The panel show, formerly hosted by Sir David Frost, is to return after FremantleMedia - the company behind ITV's The X Factor and Britain's Got Talent - secured the rights, The Mirror claims.
Chatshow host O'Grady was reportedly favourite to take over Frost's studio role, while Kay was being lined up to provide clues from the celebrities' homes. Lloyd Grossman famously held the position until 2003, while Catherine Gee and Lisa Snowdon were among those who took on the duties until the programme was axed in 2008.
"Vernon and Paul are the top choices to reinvigorate the show," a source claimed. "The whole programme had become stuffy and looked and felt dated. This time there will be a lavish studio, amazing celeb houses and a real sense of fun."
However, Kay responded to tweets repeating the claim, saying: "What? First I've heard of this!"
The Family Fortunes host quipped: "However I am playing Postman Pat in a cinematic adaptation of the kids animation. Danny Boyle is directing (sic)."
Meanwhile, FremantleMedia chief Trish Kinane is quoted as saying: "It was the first gameshow to celebrate celebrity culture, and there is now a new generation of celebrities all over the world who are eager to take part."
> Paul O'Grady: 'I'm a nosey so-and-so'
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