The "even more outrageous" series is supposedly being planned by Suzanne Readwin who was behind Ex On The Beach until this year.
Suzanne is certainly no stranger to reality telly, producing Geordie Shore and The Only Way Is Essex over the years.
“Suzanne and her husband are making a rival show for Channel 5 since she wasn’t rehired by MTV this year," a source spilled to The Sun newspaper. “Ex On The Beach is so profitable and popular that she’s decided to make her own similar format show to rival it."
The insider said: "She wants it to be just as racy and even more outrageous. With all the racy content on Channel 5 right now she thinks the channel will be the perfect outlet for her new format."
Ex On The Beach sees a group of singletons enjoying a summer getaway as they look for love, with a number of their exes thrown in with the hope of either causing drama or encouraging them to rekindle their relationships.
A total of six series have been made so far with the latest currently airing on MTV.
A number of the cast from Ex On the Beach have gone on to other reality shows, including Channel 5's current reality series Big Brother.
They include Chloe Goodman, Megan Mckenna and Stephen Bear, while there are rumours Jemma Lucy could be a part of the summer CBB series later this year.
As yet, Channel 5 has not confirmed any details about any new show and it remains to be seen where it would fit into the schedules.