The Daily Star Sunday has claimed that Channel 5 will sign a five-year deal with Endemol in the next few days. As previously rumoured, the show will return with a four-week Celebrity run in August, immediately followed by a regular series in September.
Among the celebrities being considered for the summer stint are ex-Harrods boss Mohamed Al-Fayed, The Only Way Is Essex star Amy Childs and The Wanted singer Max George. Meanwhile, Charlie Sheen will apparently be offered a "big-money" deal.
Joanna Lumley, Peaches Geldof, Prince Harry's ex Chelsy Davy, Abbey Clancy and Tinie Tempah are also said to be on the producers' wishlist.
Additonally, controversial football pundit Andy Gray, Home and Away actress Samara Weaving and boxer Ricky Hatton could be offered deals to take part in the reality show.
"We are giving television fans exactly what they wanted - Big Brother back on our screens this summer," a source said. "The deal will be signed over the next couple of days but everything has been agreed. It's a really exciting time for Channel 5 and everyone is determined to make this new era of Big Brother the best yet.
Renovation work has already started on the house, which will be similar to those in previous series but with additional improvements, the report adds.
"It will still have things like the Diary Room. The show's format will also stay the same so fans don't have to worry. It will still be the same programme that they've all grown to love over the years but with a bigger, brighter and sexier future.
"It's going to have a bit of a revamp with some new features but all the favourite items will be back, including the 24-hour live feed."
It was recently reported that Cheryl Cole could be offered a £5m deal to host the show.