The BBC is planning to launch a new cooking show to rival 'Great British Bake Off' once it moves to Channel 4.

Sue Perkins, Paul Hollywood, Mary Berry and Mel Giedroyc

Sue Perkins, Paul Hollywood, Mary Berry and Mel Giedroyc

The broadcaster - which has screened the programme since 2010 - recently lost its rights to air the series after it failed to come to a monetary agreement with Love Productions, the masterminds behind the show, this week.

But, despite the panic that swept through the nation when it was confirmed Channel 4 will take over the reins from next year, the BBC isn't overly worried as it's toying with the idea of creating its own show with judges Mary Berry and Paul Hollywood but with a different format and location.

A source told The Sun newspaper: "It's not beyond the realms of possibility. It is nearly impossible to protect a television format. Let's face it, sticking four people in a tent and making them cook is hardly rocket science.

"Mary and Paul could do that under a different name, in a different location. It would be hard to argue. And it would save the hassle of uprooting to Channel 4."

It's believed the BBC's decision to create its own baking show comes after presenters Mel Giedroyc and Sue Perkins quit in light of the news that Channel 4 were taking over.

Mary and Paul are yet to announce their decision but are currently in salary negotiations with Channel 4.

The BBC offered Love Productions an estimated £15 million per year - double the current contract - in a bid to keep hold of the show, but producers refused to accept offers below £25 million.

It's believed Channel 4 quickly waded in with a three-year deal - worth a reported £75 million - after talks between the BBC and Love Productions broke down earlier this week.

Channel 4 have already confirmed plans to air a celebrity 'Bake Off' special in aid of Stand Up To Cancer next year, and it is thought they may have to wait until 2018 for a regular series due to a clause between the BBC and Love Productions.