The presenter, 37, is in secret negotiations with show bosses and will join Declan Donnelly if cover can be found for her on This Morning.
The only other hitch is whether she could face leaving behind producer husband Dan Baldwin, 43, and three children, Harry, Belle and Chester, for the four-week stint.
The Sun understands Holly is currently the only star in talks for the role — with bookies’ favourites Caroline Flack, 38, Davina McCall, 50, and Stephen Mulhern, 41, all ruled out by ITV chiefs.
Former jungle queen Scarlett Moffatt, 28, was also rumoured to be in the mix, but she will remain on the spin-off show.
A source said: “Holly is far and away the front-runner and talks are at an advanced stage.
“Not only is she loved by ITV bosses and the nation, but she is also one of Ant’s closest friends.
"Flying the flag for him in his absence means the world to her.”
ITV’s director of television Kevin Lygo on Thursday confirmed Dec, 42, would have a co-presenter on the November series of I’m A Celebrity while Ant, also 42, takes a year off.
He said: “Dec’s doing the jungle and he’ll do it with somebody.”
When asked if he has decided who it is, he quipped: “Yes I have. It’s going to be Piers Morgan.” He added: “No, I can’t say.”
The launch episode of the 2017 show became ITV’s most-watched programme of the year with 11.2million viewers.
It marked the reunion of Ant and Dec following Ant’s first stint in rehab for a painkiller addiction.
Dec joked on it about having a new co-host, saying: “It’s me and the gorgeous Holly Willoughby!”
Ant then replied: “I’m back, my friend — it’s good to be back.”
Ant returned to rehab in March and cancelled all his TV commitments following a drink-drive smash.
Dec presented the last shows of Saturday Night Takeaway alone as well as the Britain’s Got Talent live finals and it was thought he would go solo on I’m a Celebrity too.
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