The footballer, who is said to be a fan of the show, was close to entering the house this year but had prior commitments to Japanese side Shimizu S-Pulse.
Bosses are already planning Celebrity Big Brother 2013 and want to sign Ljungberg up following his exit from the football club last month.
"The man is unbelievably attractive and won't just have the girls hot under the collar," a source told the Daily Star.
"He's a massive gay icon so we know his male admirers will be desperate to spy on him in the house. And who wouldn't want to share a house with him?
"The last series was fantastic. Now we want to build on that and are looking at the best personalities out there."
A Channel 5 spokeswoman confirmed that they are currently in talks with a number of celebrities but couldn't reveal any names.
Denise Welch won Celebrity Big Brother 2012 in January after beating the likes of Frankie Cocozza and the Shannon twins in the public vote.