'Splash!' lost two million viewers in its second series, and so is facing the chop from ITV.
The diving competition fronted by Tom Daley ended its second series on Saturday February 15 - with Diversity's Perri Kiely winning the show by beating Dan Osborne, Keith Duffy and Richard Whitehead - but ITV bosses are thought to be unimpressed by falling ratings.
The final instalment of 'Splash!' peaked at 4.4 million viewers compared to 6.5 million for the final last year.
A source told The Sun newspaper: "'Splash!' has been great fun and really captured the mood after the 2012 Olympics but ITV aren't sure it will stand the test of time.
"At the moment they're looking at ideas to replace it as well as more ideas for Tom."
The show has struggled in the ratings against BBC One's 'The Voice', which was moved to January this year after losing its own ratings battle with 'Britain's Got Talent' in April last year.
The singing competition entertained some 8.7 million viewers on Saturday night.
However, an ITV spokesperson insists it's too early to tell whether 'Splash!' will come back for a new series.
They said: "No decision has been made."
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