According to The Sun, the original presenters will be at the helm when the show returns to ITV in the new year.
It means Christine Bleakley will not be a part of the new series, having hosted for the show for three years before it was axed in 2014.
A source told the paper: “It’s a massive coup for ITV to have Holly and Phil back on board.
Phillip seemingly confirmed the news when one fan on Twitter asked if they would be fronting the new series, replying with a thumbs-up emoji.
Holly and Phil launched ‘Dancing On Ice’ together in 2006, and their on-screen chemistry later led to her landing a job alongside him on ‘This Morning’ when Fern Britton left the daytime show in 2009.
Holly later quit ‘Dancing On Ice’ ahead of the 2012 series in order to front ‘The Voice’ for the BBC - a role which she held for two years, before stepping down to make way for Emma Willis.
Olympic skating champions Jayne Torvill and Christopher Dean will also return to ‘Dancing On Ice’, although it has been suggested they will move from their role as coaches onto the judging panel.
Meanwhile, former pro skater Sylvain Longchambon, who is married to ‘Coronation Street’ star and former ‘Dancing On Ice’ contestant Samia Ghadie, has been linked to the head coach job.
Last month, a leaked line-up revealed the likes of Katie Price, ‘Bake Off’ winner Candice Brown, former royal butler Paul Burrell and Coronation Street’s Antony Cotton have all reportedly signed up.