The former Coronation Street star will head into the Australian jungle when the series returns in November, according to The Sun.
Flanagan left her role as Rosie Webster in the ITV1 soap earlier this year after 12 years on the show.
Her Coronation Street co-star Ryan Thomas, who plays Jason Grimshaw, Celebrity Big Brother star Georgia Salpa and ex-Tory MP Louise Mensch have also been linked to the show.
Hosts Ant & Dec recently revealed that they want Chris Moyles for I'm a Celebrity... Get Me Out of Here!
"He'd be really funny, he'd probably win. And he's lost so much weight, even the lack of food wouldn't bother him," they said.