The Sun newspaper claims the controversial show will make a comeback in January after being axed last year following claims of racial abuse in the house.
This year, the Big Brother spin-off was replaced by Big Brother: Celebrity Hijack, which featured celebrities controlling events in a house of ordinary people.
However, the series was not the ratings success of its predecessor and the Sun claims Channel 4 bosses want to see the original back on.
"We never said that Celebrity Big Brother would be gone forever," a Channel 4 source told the newspaper.
"We wanted to give it a 'time out' – a resting period after all the friction and chaos of the Shilpa & Jade saga", the unnamed insider added, "Channel 4 can't afford to let Celebrity Big Brother go – in the publicity or the cash stakes."
The C4 spokeswoman concluded that "no final decision" has been made on the future of the show.