The comedian had previously given strong hints that the satirical clip show would bow out this year after 11 years on the air.
However, a supposed network source has told The Sun that acquaintance and X Factor boss Simon Cowell helped convince Hill to make another series.
"TV Burp is a key part of ITV1's Saturday night schedule - and without it there was a fear that other shows could be hit, like The X Factor," the insider claimed.
"Cowell has a good relationship with Harry since the funnyman is working on The X Factor musical," the source added. "ITV bosses personally asked him to intervene."
The 47-year-old allegedly refused a £1 million payrise at ITV, after saying that the running length of the series - over 20 episodes a year since 2008 - leaves him feeling exhausted.
Hill parted ways with manager and Avalon boss Jon Thoday in December, sparking speculation that the former stand-up could defect to either Sky or the BBC.
Last month, a report indicated that Hill was in talks with Channel 4 for a new sketch show series and movie.
Watch a classic TV Burp moment below: