The revived show will be produced by current rights-holders Endemol, with Harry Hill in line to host, according to Forbes.
Originally launched in July 1990 with Leslie Crowther as presenter, Stars in Their Eyes was a regular Saturday night primetime fixture until late 2006. A number of celebrity editions of the show - featuring contestants impersonating famous singers - were also produced by Granada Television.
Matthew Kelly and Cat Deeley were also regular hosts of Stars in Their Eyes, which won four NTAs and regularly attracted audiences of millions for its live grand finals.
An ITV spokesperson confirmed that they were continuing to talk to Hill about future projects, adding: "We love working with him, but there are no confirmed programmes commissioned at this stage."
ITV has recently revived a number of its best-known primetime light entertainment formats includingCelebrity Squares, Catchphrase andSurprise Surprise.
The channel has also commissioned a 60-minute pilot of Name That Tune.
Watch a clip from the Stars in Their Eyes 1994 grand final below: