Jayne Torvill and Christopher Dean recently announced they will leave the show after the 2014 edition, with ITV boss Peter Fincham confirming the programme's end following their exit.
However, producers are said to be thinking about continuing the show with new professional coaches, according to The Sun.
A source said: "The show is still massive for ITV.
"But when Jayne Torvill and Christopher Dean decided to go, it gave Peter Fincham a reason to get rid of it.
"Yet many at ITV Studios think that was the wrong decision. Jayne and Christopher leaving is a big deal and it will be incredibly hard to replace them - but not impossible.
"To say that they are the only telegenic skating pros who could fill the role would be wrong. So watch this space."
Dancing on Ice reportedly costs around £1 million per episode, while this year's first eliminated celebrity Pamela Anderson cost £250,000.
"It's fine to bin a show if it is pulling in only a couple of million viewers in prime time," the source added.
"But the world is not awash with shows that rate like Dancing On Ice does."
Phillip Schofield and Christine Bleakley are expected to return to host the proposed final series next year.