According to Unreality TV, the soap stars - who played Les and Cilla Battersby - have been approached by Channel 5 and could be joining comedian Justin Lee Collins and singer Meatloaf on the reality show.
Jones's stint as Les ended in 2007 after he was sacked for getting drunk with an undercover reporter and revealing secret script plot lines.
He also has a long history of drink-driving offences and problems with alcohol. In 1998, he pleaded guilty to drink-driving and was banned from driving for three years.
Two years later he spent time in rehabilitation centre The Priory for his drinking problems.
In 2010, Jones was in court charged with dangerous driving and drink-driving and was sentenced to eight months imprisonment.
In the same year, it was reported that he was homeless after the bank repossessed his £500,000 Cheshire house.
Peters has continued her successful stage career since leaving Coronation Street in 2007.
A TV source told The Mirror: "If they sign up, it will be a real coup as there are at least 10 million Corrie fanatics out there who will immediately be interested in watching."
Celebrity Big Brother will be returning to Channel 5 on January 3 at 9 pm.