According to the Daily Star, the 36-year-old singer is in advanced talks with TV bosses to "do something very special" for the series - airing in November - in an attempt to "help mend his broken heart" after his split from wife Katie Price.
It was in the jungle that Pete and his estranged wife of three and a half years first met and fell in love.
"It's all up in the air at the moment," an insider told the paper. "It's going to be a ratings winner. The public loves Peter and they'd love nothing more than to see him back in the jungle."
"He might even find a new love."
Despite his heartache, Pete, who was seen on a day out with his children Junior and Princess Tiaami in Hove this week, is enjoying success on other fronts.
Behind Closed Doors, the first single from his fifth solo album, Revelation, entered the UK charts at number four on Sunday.
And his anticipated 90-minute documentary, Going It Alone, which follows life with Pete in the aftermath of his split from mum-of-three Katie, 31, was watched by 1.7 million viewers making it the highest rated ITV2 show of the year so far.