The X Factor and Eurovision pop duo will apparently be paid £500,000 each to star in the first Channel 5 series of the reality show, which launches in August.
"The lads can't believe their luck - a cool half a million each," a source told The Sun.
Jedward made a cameo appearance in the Big Brother 11 house when they performed a song during the popular 'Ignore The Obvious' challenge. The duo set off the house fire alarm when they went on a rampage around the compound.
Rachel Stevens, Charlie Sheen, Imogen Thomas, Helen Wood and Mohammed Al-Fayed are among the other stars linked to Celebrity Big Brother.
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Watch Mario 'The Mole' Mugan chat about the new series below:
Watch Big Brother champion Josie Gibson chat about the new series below: