According to claims made by The Sun over the weekend, the 53-year-old has agreed to take part in the upcoming series of Isola de Famosi – Island of the Famous.
Gascoigne spent three years with Serie A side Lazio before signing for Rangers in 1995 for a club record fee.
The former England international would go on to win two league titles and a Scottish Cup in Glasgow before leaving for Middlesbrough in March 1998.
As per The Sun’s report, Gazza has undergone extensive mental and physical tests, and will fly out to Honduras, Central America, to take part in the show, which starts on March 11th and runs for two months.
And McCoist is convinced that his old friend will prove to be TV gold.
Speaking on talkSPORT, he said: “He’ll either be on the first plane home after 24 hours… or he’ll win it!
“It’s as simple as that, there’ll be no grey area!
“He’s scared of everything! He’s terrified of everything!
“I tell you what we need to do now, we need to move to Genoa or something, because we have got to see this. We have got to see this!
“Can you imagine it? Honduras won’t know what’s hit it! I’m telling you right now, they’ll be a mass exodus of Hondurans. They’ll be leaving Central America as we speak!
“They’ll be picking up the Honduran Gazette this morning going, ‘Oh no, I’m outta here!’.”