The format is based on Holland's ratings hit Sterren Springen and sees stars learn how to dive - performing increasingly difficult routines each week.
The contestants will be given intensive training throughout the series by professional coaches, who will teach them skills such as backflips, somersaults and diving with grace, The Sun reports.
Tom Daley, who won a bronze medal in the ten-metre platform at the London 2012 Olympics, is being considered as co-host of the programme. He previously expressed an interest in launching a TV career.
"It's going to be a hilarious show which will have it all - humour, hunks in trunks and gorgeous girls," a source said.
"We are counting on this to be a big banker for next year. Everybody loved Tom at the Olympics, and this could be the perfect vehicle for him. We hope it could be as big as Total Wipeout."
US broadcaster ABC recently picked up Celebrity Splash in America.
Photo gallery - London 2012 Athletes parade:
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