According to The Guardian, the style of Simon Cowell's gambling gameshow's second series will have "much more of a Noel's House Party" feel if recommissioned.
One source believes that the format's return will be determined by "how the talks go over budgets".
Among the biggest changes apparently being discussed is the possibility of pre-recording the programme and airing it weekly instead of nightly, as well as the introduction of a more skill-based climax.
Another insider commented: "It was something like the price of a Champions League match for each show. Incredibly expensive. Don't forget this was central to ITV's rights growth strategy and it bombed."
Hosted by Ant & Dec, the £15m show underwhelmed in the ratings.
> Simon Cowell's Red or Black? needs changing, says ITV's Peter Fincham