Broadcast reports that negotiations between the reality show's production company Endemol and Richard Desmond, the owner of Channel 5, have re-opened in recent months and a final deal could be just a few weeks away.
The publication claims that the agreement could tie Big Brother to the broadcaster for as long as five years, though this could be reduced if performance targets are missed.
Desmond is also believed to be interested in relaunching Celebrity Big Brother and extending the main programme's run past the traditional 13-week mark.
Desmond had identified Big Brother as an ideal format for the rebranded Channel 5 following his £103.5 million takeover in July 2010. However, talks broke down in September, allegedly over Desmond's determination to pay less than the estimated £70 million price tag attached to Channel 4's three-year contract for the programme in 2006.
Big Brother concluded its 11th and final series on Channel 4 on August 24, 2010. The show's 'last' episode, which saw series two champion Brian Dowling win an Ultimate competition, aired 17 days later and ended with the message "Big Brother will get back to you".