According to the News of the World, the Family Fortunes presenter is the BBC's "dream" candidate, due largely to the fact he would be co-hosting with wife Tess Daly.
"Tess and Vernon is our dream lineup. It would completely refresh the show. They're young, good-looking and there's obvious chemistry," a source claimed.
"We're desperate to get Vern. Brucie has been very good to Tess, and Vern looks up to him. He must be ready to go."
The insider added: "Vern's now the obvious option. Bosses want to revamp Strictly so it appeals to younger viewers while not alienating older fans. He fits the bill."
Forsyth, 82, is widely rumoured to be retiring from the show.