The light entertainment programme - which aired 14 series and four specials between 1984 and 2001 - will be relaunched on ITV with a "modern twist".
Willoughby's role on the show was thought to be in dispute following her defection to BBC talent contest The Voice UK, but ITV insiders have said that she is "still very much in the frame" to present.
"Surprise Surprise was a big hit when it aired in the '80s and '90s and viewers remember it fondly," a source told The Sun.
"We'll be updating the show and giving it a modern twist but the essence will still be the same."
Popular Surprise Surprise features such as practical jokes, prank phone calls and heartfelt family reunions will apparently continue to be part of the format.
"Some of the best episodes were when we reunited family members who hadn't seen each other for decades, so we'll hopefully be doing that again," the source added.
It is not yet clear whether former Surprise Surprise stars Black, Christopher Biggins and Bob Carolgees will play any role in the revamped show.
> DS Icon: Cilla Black
Watch a clip of Cilla Black on Surprise Surprise below: