Coyle is apparently considering the Channel 5 reality series because she wants to "clear all her debts", according to the Daily Mail.
The 26-year-old popstar has allegedly been offered £500,000 to take part in the show, the highest fee since Jedward were reportedly given £1 million in 2011.
It's an offer "she couldn't refuse", an insider told the newspaper.
Coyle's solo career has failed to reach the same heights as Girls Aloud managed, with her debut album Insatiable only reaching number 47 in the UK charts.
Julian Clary and Coronation Street's Julie Goodyear are two other names tipped for the series in the report.
Other stars linked to the series include Samantha Brick, ex-News of the World journalist Paul McMullen, Swedish footballer Freddie Ljungberg, Bachelor star Carianne Barrow, and glamour models Rhian Sugden and Jakki Degg.
Celebrity Big Brother will return at the end of the summer on Channel 5. A traditional non-celeb series will air for 10 weeks beforehand.
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Watch Nadine Coyle's video for 'Insatiable' below: