The former heavyweight boxing champion could be set join the likes of Charlie Sheen, Harrods owner Mohamed Al-Fayed and former Big Brother star Imogen Thomas as they are believed to be on the producers' wish list.
A source for the programme – which was axed by Channel 4 last year - informed the Daily Star newspaper:
'The celebs being lined up for the new Channel 5 show are just amazing – it’s going to be must-see television this summer.'
'To get Mike Tyson on Big Brother would be an amazing coup.'
Mike - who was sent to prison for raping beauty queen Desiree Washington in 1992 – looks to be on the straight and narrow after quitting drugs and recently renewing his wedding vows with his wife Lakiha Spicer Tyson.
The fighter - whose four-year-old daughter Exodus died following a tragic accident at her mother Monica's house in 2009 – has been involved in controversies in the past, including biting off part of opponent Evander Holyfield's ear during a bout.