The athlete is a multiple Olympic gold medallist runner who has won a total of 30 medals throughout his career to date.
A source claimed to The Sun newspaper that Mo is a "big fan" for the series and has been "waiting for the right time in his career to do it."
They added: “He obviously has an excellent level of fitness and mental focus so will be great at the Bushtucker Trials and will be a positive addition for keeping up team morale for campmates - especially as a lot of the celebs are worried how cold it will be.
It'll be Mo's first time taking part in a reality TV show with the insider saying the signing was a "massive coup".
"Everyone’s really excited about the signing and think he’ll be a hit with viewers," the source said. “It’s the first time he’s agreed to do anything like this, so it’ll be a massive draw for sports fans.”
Mo would be the latest Olympian to take part in the show, following the likes of swimmer Rebecca Adlington, Hockey player Sam Quek, sprinter Linford Christie and Javelin thrower Fatima Whitbread.
More of those rumoured for this year's show include TV host and presenter Vernon Kay, actress Beverley Callard, operatic tenor Russell Watson, actress Jessica Plummer and journalist Victoria Derbyshire.
They're joined by former Strictly Come Dancing professional AJ Pritchard, West End star Ruthie Henshall and paralympian Hollie Arnold.
As a result of the ongoing pandemic, the show this year will take place in a brand new location at Gwrych Castle in North Wales.
Picture: Flickr/Richard Phipps