It is reported that a formal announcement about the return of the show to Channel 5 will be announced later this week however insiders have revealed that the hit reality TV show will be making a come back this year.

Negotiations between Channel 5 and the Big Brother format owners Endemol have been going on for the past eight months however it is said that a deal has finally been reached with it rumoured to costing Channel 5 £200 million to have the rights to air the show for the next five years.

It is said that a Celebrity Big Brother will hit the small screen in the UK in August for a period of four weeks while the traditional Big Brother show will return in September for a 13 week run.

While the show may have moved from its former home on Channel 4 it is said that the format of the much loved reality programme will remain the same.

Reports in the Daily Star Sunday said that Channel Five Boss Richard Desmond is looking to attract some big names for the celebrity version with Mohamed al-Fayed being “top of the wanted list” and Charlie Sheen being targeted to appear.

Other famous names being courted by the show are said to be Chelsea Davy, the is she isn't she girlfriend of Prince Harry and Amy Childs from the Only Way is Essex.

Richard Desmond, who bought Channel 5 last year for more than £100 million, is said to be willing to spend as much money as it takes to draw in the big names needed to make the show a success. He had initially wanted to bring Big Brother with him went he bought the channel last year however it is reported that talks between him and Endemol broke down, delaying the announcement.

Channel 5 will be showing Big Brother from August with the celebrity version followed by the autumn run. The traditional run of the show with a celebrity version screened in January and then the regular version of the show then planned to be shown during the summer months of 2012.