Franks started her own public relations firm, Lynne Franks PR, at the age of twenty-one.
It grew to become one of the best-known public relations agencies in the world, advising and guiding multi-national businesses and non-profit organisations around the globe.
Franks spent twenty years in public relations and left her agency in 1992 to become an international spokesperson.
In 1994, she chaired the UK's first women's radio station, presenting her own radio show, 'Frankly Speaking'.
In the late 90's, Franks returned to the PR industry, with the launch of a new agency called Globalfusion, with offices in LA and San Francisco.
More recently, she has most recently been focused on a developing a project called SEED (Sustainable Enterprise Empowerment Dynamics), a network set up to train women.
ITV declined to comment on the report but said it will reveal the final line-up tomorrow.
Other contestants reportedly set to appear include Michelin-star chef, John Burton Race, seventies supermodel, Janice Dickinson, former footballer, Rodney Marsh, and music impresario, Malcolm McClaren.
ITV has signed up frozen food retailer, Iceland, to sponsor the new series, which is being promoted through on air trails and in-store activity.