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According to The Sun, Rantzen, 68, agreed to star in the reality show to help raise funds for her ChildLine charity.
An ITV source commented: "We always love to have a glamorous older lady. We've had Jan Leeming, Janice Dickinson, Jennie Bond and Christine Hamilton - all of whom turned out to be the stars of the show, not least because they never showed fear.
"They were plucky and spirited and didn't mind throwing themselves out of planes and getting to grips with creepy crawlies."
However, Desperate Housewives actor Jesse Metcalfe has ruled himself out of appearing in the jungle, following speculation he was in talks with ITV.
"I'm against reality shows," he said. "I find them very exploitative. I don't think they're that cool."
Other celebrities linked to the ITV show include Alan Yentob, Donny Osmond, Chris Eubank, tennis star Pat Cash and glamour model Abby Clancy.
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