The Deal or No Deal host is said to have agreed to return to front a primetime BBC One show for the first time since Noel's House Party ended in 1999, reports The Sun.
Insiders claim that a "campaign of heavy-duty flattery" was used to sign Edmonds for the new Saturday night show.
The Bodyguard will see contestants becoming celebrity minders by taking on a series of challenges.
The pilot of the show will be filmed at Elstree Studios this month, and is created by Endemol, the company behind Deal or No Deal.
A friend of Edmonds is quoted as saying: "Noel back on Saturday nights is obviously a big draw for the BBC - and to be fair it's a big deal for Noel too.
"He has softened in his view of the Beeb, and all the House Party stuff was a long time ago now."
Edmonds worked at the BBC for around 30 years before he quit in 1999.
He has since presented one-off programmes for the corporation, including a special National Lottery show six years ago.
"Noel wasn't sure he wanted to do it," the source added. "He is busy with Deal Or No Deal and a lot of baggage comes with him returning to the BBC.
"He's enjoyed working in the commercial sector and doesn't need the money. But he has agreed to do this and we all hope it will work out. But the BBC should probably not count their chickens yet."