The reality show was meant to compete with BBC One's 'The Voice' in the Saturday night slot, but this weekend only 4.4million viewers tuned in to watch the final compared to last year’s 6.5million.
Meanwhile, 'The Voice' is going from strength to strength thanks to the addition of Kylie Minogue on the coaching line-up, which is bringing in more viewers.
The Sun reports ITV bosses are now considering scrapping 'Splash!'.
“At the moment they’re looking at ideas to replace it as well as more ideas for Tom.”
Saturday's 'Splash' final saw Diversity dancer Perri Kiely crowned champion.
The 18-year-old had been struck by illness and there had been fears about his future in the high diving show.
But the bookies' favourite overcame a "24-hour bug" to wow the judges and voting public with his two dives.
Perri beat finalists Paralympic athlete Richard Whitehead, who was runner-up, Boyzone singer Keith Duffy and 'The Only Way Is Essex' star Dan Osborne.