A source close to Davis has confirmed to The Huffington Post UK that he is taking part in the ITV reality show, after he was rumoured to be in the 2013 jungle line-up earlier this month.
Davis, who won the World Championships six times over and was made an MBE in 1988 and an OBE in 2001, has previously turned down requests to appear on reality shows such as 'Strictly Come Dancing', our source said.
Bookies William hill have already seen a flourish in bets put on the sporting champion to win the series, and his odds have been slashed to 6/1 from an original 10/1.
William Hill spokesman Joe Crilly, told The Metro: "Steve Davis is a great personality and our punters certainly think that should he be going into the jungle (as the gamble suggests) he will be there until the very end."
'I’m A Celeb' bosses are getting ready to announce the official line-up and it's thought former 'The Apprentice' star Stella English will be one of the stars taking part.
'Emmerdale' actress Lucy Pargeter, ex 'Strictly Come Dancing' professional Vincent Simone, 'TOWIE' regular Joey Essex and 'Coronation Street' actor Michael Le Vell are also rumoured for the show, hosted by Ant & Dec.
Along with Irish model Hazel O’Sullivan and former Olympic athlete Sally Gunnell.
Last year Charlie Brooks was crowned Queen of the jungle in the first ever all-girl final.
Take a look at all the stars rumoured for 'I'm A Celeb' 2013 in our gallery below...