The competition, which featured both members of the public and celebrities impersonating their favourite artists, was axed in 2006. Matthew Kelly hosted the popular series until 2004 while Cat Deeley took the reins for its final two years.
According to The Mirror, the basic format is now being used to create a new programme.
"Basically, this is Celebrity Stars In Their Eyes with an additional guessing element," a source explained. "Instead of the star coming out and saying, 'I'm going to be...' they perform a song, and the audience has to work out who they are."
They added: "They're tweaking the old show and calling it Guess the Star."
A pilot episode of the new show was filmed in Manchester earlier this month. It is said to have featured presenter Nicky Campbell performing as Oasis star Liam Gallagher. One audience member described Campbell's efforts as being "hilarious".
ITV have yet to confirm any details about Guess The Star, or announce if they have commissioned a series.
> Cat Deeley, Liam Neeson in Ricky Gervais's 'Life's Too Short'