The glamour girl has decided to return to the Australian bush because she wants the public to see the real her - and after agreeing a deal for £350,000.
Ms Price believes that going back into the jungle will help her regain the initiative in the ongoing PR battle with ex-husband Peter Andre.
Explaining her decision, Ms Price told a friend: 'It will help me communicate with the public directly and not through third parties.'
The figure Price is to receive represents a record amount for any contestant. ITV are to formally announce the full line-up for this year's series tomorrow.
A TV source revealed: 'She is ratings dynamite. She has always been hugely popular on ITV and she's seriously outspoken. And with the break-up of her marriage being so high profile, her appearance - and her comments - are sure to be explosive.'
It is believed that Ms Price, who has commitments in the U.S. when the show starts on Sunday, will be flown into the jungle after the other contestants, arriving unannounced for maximum impact.
MailOnline first told last week how ITV bosses were hoping to entice Jordan into the jungle.
At the time, she turned down the offer, then demanded £450,000 but now appears to have changed her mind.
She will be the first contestant to re-enter the jungle, where she will be expected to camp without home comforts and take part in a series of challenges which usually involve swimming through infested rivers and eating horrible bugs.
Her last appearance on the show in 2004 proved compelling viewing as the nation watched her and Andre's growing friendship.
She paraded around the jungle in a white bikini, a fairly transparent tactic usually adopted by the curviest contestants.
She was voted out and arch-rival Kerry Katona went on to win that year.
After the show finished, she and Andre embarked on a real-life romance and married in 2005. Their first child, Junior, was born the same year. Their second child, Princess, was born in 2007.
Having caught the bug for reality television, the pair began to live their lives on screen and their fly-on-the-wall series, which followed their lives both in the UK and the U.S., became one of ITV2's most watched programmes
This year, though, the couple announced they were splitting after almost four years of marriage, leading to a bitter public break-up.
It is not known whether she had to secure Andre's agreement to go back on the show or whether she plans to leave her three children with her cagefighter boyfriend Alex Reid.
Price will be up against another ex-Page 3 model on the show, former 1980s Page 3 star Sam Fox, who is rumoured to be netting around £60,000 for the show.
Ex-footballer Colin Hendry, snooker player Jimmy ‘Whirlwind’ White, Mis-Teeq pop star Sabrina Washington and TV presenters Colin McAllister and Justin Ryan are also taking part.
Former Strictly Come Dancing dancer Camilla Dallerup, ex-soccer hardman Vinnie Jones, former Coronation Street actor Bruce Jones, ex-WAG Lizzie Cundy and former EastEnder Robert Kazinsky - who played Stacey's brother Sean in the soap - are also tipped to appear.
It is not known whether she had to secure Andre's agreement to go back on the show or whether she plans to leave her three children with her cagefighter boyfriend Alex Reid.
Price will be up against another ex-Page 3 model on the show, former 1980s Page 3 star Sam Fox, who is rumoured to be netting around £60,000 for the show.
Ex-footballer Colin Hendry, snooker player Jimmy ‘Whirlwind’ White, Mis-Teeq pop star Sabrina Washington and TV presenters Colin McAllister and Justin Ryan are also taking part.
Former Strictly Come Dancing dancer Camilla Dallerup, ex-soccer hardman Vinnie Jones, former Coronation Street actor Bruce Jones, ex-WAG Lizzie Cundy and former EastEnder Robert Kazinsky - who played Stacey's brother Sean in the soap - are also tipped to appear.
Interior design TV presenters Colin McAllister and Justin Ryan are renowned for their frequent bickering, fussiness and tantrums on screen and are expected to liven up the show.
The pair have also been a couple for 22 years and married in a civil partnership last year in London.
They are reportedly being paid £65,000 each to appear in the three-week show.
Last night, former EastEnder Lucy Benjamin, whose greatest claim to fame is shooting Phil Mitchell on EastEnders, and Kim Woodburn, from How Clean Is Your House?, were also both seen at the airport today and are also believed to be flying out to Australia for the series.
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