Nolan, who quit This Morning's Hub strand last week after two years, is said to have agreed a six-figure deal to join the Channel 5 series.
An insider told The Sun: "Coleen gives good chat and that's what we're really looking for on the show.
"She also appeals to women so she's a great booking for the show."
Nolan left ITV's Loose Women last summer after 11 years. Her former co-star Denise Welch won the last series of Celebrity Big Brother in January.
Nolan, 47, revealed on Twitter after her departure from This Morning that she has various new projects in the pipeline, writing: "Well guys it's been 2 lovely years in the Hub, but today I say goodbye!! (sic).
"I've had a blast! Thanks to all of you for letting me be your voice. Happy to say I've got some really exciting things coming up, so I will be seeing you all again!!"
Former Coronation Street star Julie Goodyear, journalist Samantha Brick, model Jakki Degg and Justin Bieber's dad Jeremy are among the names linked to the tenth series of Celebrity Big Brother, which hits screens after the regular series this autumn.