The show, a reworking of Stars in Their Eyes, sees unidentified celebrities perform as their favourite artists while the audience guesses who they are.
Louie Spence and Emmerdale actress Pauline Quirke have allegedly joined the judging panel of Guess the Star and are currently filming pilot episodes at ITV's Manchester studios.
ITV bosses have apparently been looking for an entertainment role for Bleakley since she joined the broadcaster in a multi-million pound deal last year.
"When ITV signed Christine from the BBC they made it very clear she would be working on other projects. You don't pay someone £4m just to present a breakfast programme, especially one that is underperforming," a source told the Sunday Mirror.
"The show is only in the development stage but ITV are hoping it will be the perfect platform for Christine to launch herself as a primetime entertainment presenter.
"The prosthetics people are absolutely brilliant and from what we've been told they make the celebs absolutely unrecognisable."
Guess the Star is expected to air on 2012 should the pilots be a success.