According to The Sun, the former boyband member is currently negotiating a fee with the reality show's bosses.
"He is massively excited about the show as he's been out of the spotlight for a while," said an insider.
"Producers want him because he's a good talker and not afraid to say what's on his mind. He's also a former model so he'll be a bit of eye candy for the ladies."
Webbe is currently dating Layla Manoochechri from rejected X Factor finalists Girlband.
Other celebrities linked to the show include Esther Rantzen, Chris Eubank, former Blue Peter host Peter Duncan, Donny Osmond, Sex And The City author Candace Bushnell and model Abby Clancy.