Olly shot to fame on the sixth series of The X Factor in 2009, finishing as runner-up to Joe McElderry.
He has since enjoyed a stellar music career, racking up four number one albums and 17 top 40 singles.
It was reported at the weekend that Olly was about to turn his back on the ITV talent contest that made his name - in favour of its BBC arch rival.
The Daily Star claimed Olly has signed a 'mega-money' to join the Strictly Come Dancing line-up later this year.
According to the newspaper, he saw the show's gruelling training regime as a way to distract himself from heartbreak.
The 32-year-old recently admitted at a concert that he's still struggling after splitting from his long-term girlfriend.
"Signing up for Strictly requires major commitment and several rehearsals every week," a source said. "It leaves little to no time for a private life.
"It’s the perfect way for Olly to occupy himself and he’s hoping it will give him a new lease of life as he tries to move on from his split.
"His friends and family are thrilled he has decided to do the show and there is no doubt his fans are excited to see him wearing some amazing outfits."
However Olly has denied the reports.
He tweeted: "Not doing a certain dancing show this year!!! Strictly not true 😜"
However the 'Troublemaker' singer did previously confess a secret desire to join Strictly after performing on last year's series of the show - and was fully aware it would drive Simon mad.
"I've always been open to the idea of Strictly," he commented. "I went down there and part of me just enjoyed the whole atmosphere. It was really lovely down there.
"And part of me was like, 'I'll just to do it to wind up Simon Cowell!'"
If he does take to the dancefloor once day, Olly will follow in the footsteps of his former presenting partner Caroline Flack.
After the duo departed ITV2's The Xtra Factor, Caroline competed in the 2014 series of Strictly, and eventually won.
She reunited with Olly in 2015 when they took over from Dermot O'Leary as The X Factor's main hosts. However, ITV reinstated Dermot last year after their run proved disastrous.
Olly is currently on tour in support of his latest album, 24 Hrs, which topped the charts in November.