The News of the World claims that Bunton has been asked to replace Ruthie Henshall, who decided to leave the show in the summer.
"She's about to sign the deal," an insider said. "She's a brilliant signing. She's fun, sexy, and very opinionated. She'll add some much-needed pop glamour like Cheryl when she joined The X Factor.
"Emma does have great dancing experience because of her time in the Spice Girls and did very well on Strictly."
Former Dancing On Ice star Roxanne Pallett recently said that the show's producers should recruit Arlene Phillips.