Both Ola and fellow ex Strictly professional Aliona Vilani had been linked to the ITV series earlier this year.
The girls left the BBC One show last year after many series and ITV were said to be interested in getting one of them in the jungle.
It certainly wouldn't be the first time a Strictly dancer has been in the jungle with Camilla Dallerup and Vincent Simone both appearing in past years, while Kristina Rihanoff took part in last January's Big Brother after leaving Strictly in 2015 alongside both Ola and Aliona.
A source said: “Both Aliona and Ola are absolutely gorgeous and were massively popular on Strictly, but there would only be room for one."
They explained to the Daily Mirror newspaper: "ITV have not confirmed any of the names for the new show, but they have been looking at Ola, they think she could be TV gold.
“They are also interested in Aliona as she was last year’s Strictly winner and is yet to sign up to another show.”
However while Aliona may still be in the running, Ola has ruled out the show.
Asked by DigitalSpy at the Pride of Britain awards if the rumours were true, Ola said: "No, it's not."
Husband James Jordan quipped: "If she is, she hasn't told me!"
And James said he'd never take part either: "I'm not going in, you're joking - I'm scared!"
Alongside Ola and Aliona, other names linked to the I'm A Celebrity 2016 line up this year have included Craig Charles, who appeared briefly in a previous series, Girls Aloud singer Sarah Harding, Gogglebox's Scarlett Moffatt and footballer Robbie Savage.
More rumoured celebrities include Olympic Boxer Nicola Adams, Olympic gymnast Louis Smith, Absolutely Fabulous' Helen Lederer and a range of soap stars including Neighbours' Olympia Valance and Emmerdale's Fiona Wade and Adam Thomas.
An ITV spokesperson said: “Names suggested at this stage are pure speculation.”
I'm A Celebrity Get Me Out Of Here will air on ITV later this month.