The presenter, 35, will agree to a £900,000 contract after taking a 10 per cent pay cut, like other ITV stars such as Ant and Dec, according to The Sun.
A source said: "This is great for Vern, he will sign the new deal within the next few days and is looking forward to continuing his relationship with ITV."
As part of the deal, the Family Fortunes host will be able to spend two weeks fronting Channel 4's replacement series for the Paul O'Grady Show, which is using guest presenters.
The deal comes after Vernon admitted sending racy texts and Twitter messages to glamour model Rhian Sugden behind wife Tess Daly's back.
Vernon's new ITV show The Whole 19 Yards launches at the weekend.