Channel 4 has axed The Circle after just four series - three regular and one using celebrities.
According to Broadcast, Netflix has begun talks with the makers of the show about the UK version.
But the Studio Lambert production will definitely no longer air on Channel 4.
"C4 considers the youth-skewing, 10pm format to have been a success, but says it's keen to make room for new ideas," the publication said in a tweet.
A Channel 4 spokesperson told The Mirror: "The Circle has been a huge hit for young audiences and has grown successively over three seasons on Channel 4, consistently outperforming slot averages.
"We’re incredibly proud to have worked with Studio Lambert North and Motion Content Group to invest in such an innovative show and to have given it a springboard for its international format success.
"In much the same way as when we originally commissioned The Circle, Channel 4 has a responsibility to continually look at how we reinvent and create space for new ideas, and so we have decided not to commission the show for a fourth season.
"We’d like to thank Studio Lambert, Motion and all those involved for The Circle’s huge success over the last three series."
The Circle aired its series three finale in April, with Felix aka Natalya crowned the winner.
Sailing through the entire series as a catfish, following their arrival in episode five, Natalya got the votes she needed to win the whole show.
The result came as a surprise to many, with three other players tipped to take the crown - while many were thrilled by the announcement.
Manrika, Syed aka Hashu and Andy had been early favourites, and all three were predicted to win the show and the prize money of £100,000.
But ultimately it was the catfish, and a very likeable one at that, who stormed to victory.
The 30-year-old military police officer from Surrey entered as Felix, and managed to fool pretty much everyone in the game right to the end.
One person tricked was Circle "girlfriend" Manrika, who believed Felix was genuine after striking up a relationship with him.
Viewers of course knew the entire time that Felix was actually Natalya, and it almost seemed as though the player herself forgot Felix wasn't real at times.
Lady Leshurr previously won the celebrity series of the beloved show.
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