The Mirror has reported that Tonioli, 67, is due to begin filming auditions for the new series of Britain’s Got Talent on January 24 at the London Pallidum.
This news comes after it was speculated that host Alan Carr was being considered to replace Walliams, 51, on the show.
A source told The Mirror: “Bruno has all the right experience and his famous exuberance will go down a treat.
“He and Simon have long hoped to work together so this has proved the perfect opportunity. Everyone’s very excited.”
Evening Standard has contacted Tonioli, Walliams and BGT’s representatives for comment.
Tonioli was a judge on BBC’s Strictly from 2004 up until 2020. He has since been replaced on the show by Anton Du Beke.
The Italian choreographer continues to judge on the US version of the show Dancing with the Stars, which is due to start filming again in Autumn.
Tonioli is “thrilled” at joining BGT, after becoming Cowell’s preferred choice over Carr, 46, according to The Sun, and has reportedly been offered a six-figure deal for the Saturday night gig.
A source told the outlet: “For almost two months Alan may have been the favourite to take over from David, but Bruno was always Simon’s preferred choice.
“Not only does he have years of judging experience under his belt from his time on Strictly he will bring an outrageous brand of comedy that BGT needs on the panel.
“In so many ways this is already the perfect job for Bruno as it sees him return to a glitzy showbusiness favourite that fits in with the rest of his work.”
Tonioli won over Strictly fans for his outlandish charm, and will no doubt bring his same lively persona to BGT’s judging panel.
The TV star spoke of his desire to work with Cowell on BGT back in 2018, saying: “I’ve told him to come up with something new and we’ll think about it.
“We have discussed these things for a number of years but it has never come to anything concrete.”