According to the Daily Star, ITV1 producers are currently in negotiations about the 35-year-old entering the jungle.
Marquardt appeared in US reality series Girls Next Door and has also cameoed in drama series Entourage.
"Bridget would love the challenge of the jungle and meeting new people. She's a fun girl," said a source.
Other stars rumoured to be taking part in the reality series this year include WAGs Nicola T and Lizzie Cundy, model Samantha Fox, actor Brian Blessed and snooker star Jimmy White.
I'm A Celeb... returns to ITV1 in November.