The deal will cover Morgan's current role as a 'Britain's Got Talent' judge, alongside Simon Cowell and Amanda Holden, but ITV may also hand him a primetime chat show, claims The Sun.
A source close to Piers told the newspaper: "He is close to signing."
A spokesperson for ITV was reported to have said: "Piers is like Marmite -- you either love him or hate him. He's doing a lot for ITV and it makes sense to get him on an exclusive deal.
"We have the biggest names on TV with ITV -- Simon Cowell and Ant and Dec. Now we have Morgan."
Morgan is currently filming 'America's Got Talent' in Las Vegas with Sharon Osbourne and is also involved in a BBC One project about the dark side of fame -- this could be his last non-ITV programme before the contract begins.
'Britain's Got Talent' has been a big ratings winner for ITV on Saturday nights, with some shows pulling in more than 10m viewers.