She joins a long list of housemates including Sarah Ferguson, Jedward, Amy Childs and Kerry Katona.
The former Playboy model found TV fame in the '90s playing lifeguard CJ Parker in Baywatch.
She has previously cameoed in the Australian and Indian versions of Big Brother and was linked to the British version on numerous occasions.
Anderson is now apparently close to signing a contract with Channel 5 ahead of the show's return later this month, according to the Daily Star.
"The time is right for Pamela and she's going to be a TV treat for BB fans," a source told the tabloid.
Celebrity Big Brother returns later this month on the UK's Channel 5.