The Mirror has revealed that the breakfast show is being dropped just two years after its £10 million launch.
Bosses apparently plan to return to the GMTV-style look that Daybreak was brought in to replace.
Lorraine Kelly is reportedly lined up to host the new show. Current hosts Kate Garraway and Dan Lobb may still be involved in the new format, which will likely focus on news for the first hour until 7am.
GMTV's Richard Arnold is also believed to be returning as a showbiz reporter.
ITV is said to fear that the programme is still associated with presenters Adrian Chiles and Christine Bleakley, who left the show at the end of last year.
A source told the newspaper: "If anything this shows that GMTV wasn't a failing formula after all and should never have been axed."
An insider added of the new show: "One working title is Lorraine but that's not popular with everyone and may not stay. There are plenty of other possibilities
"It wasn't the name that didn't work out, but the programme itself. All the focus is on getting the show right this time."
ITV admitted in March 2011 that Daybreak had not performed as well as hoped following the launch of the series.
After moving on from the show, Chiles said that he accepted "a lot of blame" for its failure, admitting he was "dead wrong" for it.