The morning show will air on Channel 4 or Channel 5 and producers have secured permission to use the old Big Breakfast house close to the Olympics site in East London, according to the Sunday Mirror.
"The aim is to be as good as the original - full of fun and frolics," a source told the paper.
The revived show will apparently include popular features from the past such as Vital Statistics, More Tea, Vicar and The Pun Down.
The Big Breakfast could become a permanent fixture on TV if it is a ratings success, as bosses hope to lure viewers away from ITV's struggling Daybreak.
Amanda Byram and other former presenters have been tipped to front the show, although Chris Evans and Denise van Outen are unlikely to make a comeback.
"There's a big gap in the market," Byram said.
The Big Breakfast last aired in 2002 after almost a decade on our screens. It was replaced by short-lived morning show RI:SE.