The 42-year-old – who is believed to have turned the show down numerous times in the past – is said to be top of the wanted list of talent for the BBC dancing competition.
A show insider told the The Sun: "It's no secret that they've wanted Peter to come on Strictly for a long time now.
"He doesn't come cheap, but we're convinced it's money eel spent and think people who watch the show will love him."
While dad-of-three Pete may be considering the show, he's admitted he's not a big fan of some of the costumes.
He said: "I could not see myself wearing the spandex. I could do everything else, except those tight trousers.
"The outfits look great on the girls and some of the guys can pull it off, but it just doesn't suit me."
Fans will know Pete is no stranger to reality TV shows. He famously appeared on ITV's I'm a Celebrity… Get Me Out Of Here in 2004, where he met his now ex-wife Katie Price.
Would you like to see Pete on Strictly Come Dancing? Let us know via the comments box below.