The 51-year-old Duchess of York would become the first Royal to ever enter the Big Brother house if she takes part next month.
Ferguson, who was involved in a News of the World 'Cash for Access' expose in 2010, has famously suffered from financial problems in recent years.
"They are offering big appearance fees this year to try and draft in some massive names," a source told the Metro.
Other stars linked to the reality show include Jedward, Steve Strange, Kerry Katona, Charlie Sheen and Lembit Opik.
Celebrity Big Brother will start on Channel 5 next month.