ITV is in talks with the format's owner DRG to commission a pilot of the programme, Broadcast reports.
Northern Irish funnyman Roy Walker was the classic gameshow's original and best-known host, widely remembered for his lines, 'Say what you see', and, 'It's good but it's not right'.
Walker, who left in 1999, has previously stated his interest in hosting a revival. Nick Weir and Mark Curry fronted the programme for the last two years of its life.
Photo gallery - DS Icon Roy Walker:
Catchphrase, still repeated on digital channel Challenge, was popular for ITV on Saturday evenings during the latter half of the 1980s.
The show saw two contestants guess familiar idioms illustrated by a computer animation, often featuring an appearance from golden robot Mr Chips.
The pilot, if ordered, will be made by STV Productions.
Watch the classic 'Snake Charmer' Catchphrase moment below: